CORRIGENDUM TO PUBLIC ANNOUNCEMENT
For the attention of the Shareholders of
Eastcoast Steels Ltd. (ESL)
(Registered Office – Cuddalore Road, Pillaiyarkuppam Post, Bahour Commune, Pondichery - 607402)
In continuation to the Public announcement issued by Aryaman Financial Services Limited, on March 22, 2003, on behalf of M/s. Girdhar Morari Agro Research Pvt. Ltd., (Acquirer ) pursuant to Regulation 10 and 12 and other provisions of Chapter III of and in compliance with the Securities & Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (SAST) Regulations 1997 and subsequent amendments thereto (the "Regulations"), the following revisions /additions as given hereinunder have been made :
1. Point 4 a in the Reason for the Offer and Future Plans about Target Company may be read as under :
a. This offer has been made pursuant to Regulation 10 and 12 and other provisions of Chapter III and in compliance with the SEBI (SAST) Regulations
2. Under the Schedule of Activities pertaining to the Offer the following change has been made.
ACTIVITY
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DAY & DATE
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Last date for withdrawal of acceptance by the shareholders
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Tuesday, 03.06.03
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3. Under Point no. 1 g in the para “ The Offer ”, the following may be included
iv. In view of the above, the Offer Price payable under this Offer is in compliance with the Takeover Regulations. All other parameters suggest that the price of Rs. 1.25 per equity share for fully paid shares and Re. 0.65 per partly paid up share is justified in terms of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997.
4. Para 4 b under Reason for the Offer and Future Plans about Target Company may be read as hereinunder :
GMARL is basically engaged in agricultural activities and investment in shares. GMARL intends to acquire the shares of ESL due to the possibilities of revival of the domestic steel industry. The Company may diversify their activities at a later date in view of the readily available infrastructure of ESL and also plans to take advantage of the listing status of ESL.
5. The Manager to the offer has been authorized by the Acquirer to realize the value of the escrow account in terms of the Regulations.
6. The Marketable lot for the shares is 1
7. Under Point no. 7 in Other terms of the Offer the following points shall be added :
1. In case the shares tendered in the open offer are more than the shares agreed to be acquired by the acquirer, the acquirer shall accept all valid applications received from the shareholders of the company on a (i) Firm basis from the fully paid shareholders and (ii) Proportionate basis from the partly paid shareholders ensuring that it does not result in odd lots.
2. The withdrawal option can be exercised by submitting the Form of withdrawal so as to reach the Manager to the offer before 03.06.2003. In case of non receipt of the form of withdrawal, the withdrawal option can be exercised by making an application on plain paper along with the following details:
a. In case of physical shares : Name, address, distinctive numbers, folio nos., number of shares tendered / withdrawn.
b. In case of dematerialised shares : Name, address, number of shares tendered/withdrawn, DP name, DP ID, Beneficiary account no. and a photocopy of delivery instruction in “off market” mode or counterfoil of the delivery instruction in “off market” mode, duly acknowledged by the DP in favour of the Depository Escrow account.
8. If there is competitive bid :
· The public offers under all the subsisting bids shall close on the same date.
· As the offer price cannot be revised during 7 working days prior to the closing date of the offers/ bids, it would, therefore, be in the interest of shareholders to wait till the commencement of that period to know the final offer price of each bid and tender their acceptance accordingly
9. Point no. 7.A.1. under Terms and Conditions of the offer as per the letter of offer shall be read as under :
This offer is made to all the equity shareholders (except Acquirer (including PACs) and the parties to the agreement ) whose names appeared in the register of shareholders on 31.03.03 (the Specified Date) and also to those persons who own the shares any time prior to the closure of the offer, but are not the registered shareholder(s).
10. This Corrigendum Public Announcement would be available on SEBI's website at www.sebi.com.
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Issued by: Manager To The Offer
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Registrar to the Offer
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Aryaman Financial Services Limited,
35, Atlanta, Nariman Point,
Mumbai – 400 021.
Tel. : (022) 22826465/66,
Fax : (022) 22826467
Email : aryaman@bom2.vsnl.net.in.
Contact Person : Ms. Radha Kirthivasan
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Bigshare Services Pvt. Ltd.
E-2/3, Ansa Industrial Estate,
Sakivihar Road, SakiNaka, Andheri (E), Mumbai – 400 072
Tel : 022 2852 3574 / 2856 0652
Fax : 022 2852 5207
e-mail : bigshare@bom7.vsnl.net.in
Contact Person : Mr. Verghese
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On Behalf of : M/s. Girdhar Morari Agro Research Pvt. Ltd.101, Aangan Apts., Swarg Ashram Street, Tithal Road, Valsad, Gujarat – 396 001Tel : 02632 253866
Place: Mumbai Date: May 06, 2003