PUBLIC ANNOUNCEMENT TO THE SHAREHOLDERS OF REVATHI EQUIPMENT LTD (FORMERLY REVATHI-CP EQUIPMENT LTD)

This is further to the Public Announcement made by Ind Global Corporate Finance Pvt Ltd as the Managers to the Offer on behalf of Utkal Investments Ltd (UIL), the Acquirer, to the shareholders of Revathi Equipment Ltd on April 25, 2002 pursuant to and in compliance with Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (Regulations).

While processing the acceptance forms, MCS Ltd, Registrars to the Offer observed that 293 shareholders have opened 21,377 beneficiary accounts with respective depository participants and deposited one share each in those accounts and subsequently tendered those 21,377 shares in the open offer resulting in multiple applications to that extent. Matter was taken up with Securities and Exchange Board of India (SEBI) in the interest of other shareholders and as advised by SEBI, while finalizing the basis of acceptance, Registrars to the Offer, have considered such multiple applications with identical / common names of shareholders who have tendered one share each per application as �one single application�.

The shareholders are requested to kindly note that above mentioned process resulted in delay in finalizing the basis of acceptance and acceptance / rejection would be intimated and the corresponding payment for the acquired shares and / or the share certificates / demat credit for the rejected shares, will be dispatched to resident shareholders latest by Friday, August 16, 2002 and non resident shareholders latest by Friday, August 23, 2002 instead of Thursday, August 08, 2002 as intimated vide above mentioned public announcement. In view of above no interest is being paid by the acquirer for the delayed period.

UIL and directors of UIL accept full responsibility for the information contained in this PA and also for its obligations as laid down in the Regulations.

Logo Issued by the Managers to the Offer

Ind Global Corporate Finance Pvt Ltd

19^th Floor, Express Towers

Nariman Point, Mumbai 400 021

Tel: 282 5000 Fax: 282 6000

Contact person: Dhanraj N Uchil

On behalf of the Acquirer

Utkal Investments Ltd

P-103, Princep Street, 3^rd Floor, Room # 24, Kolkata 700 072

Place: Mumbai

Date: August 09, 2002



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PUBLIC ANNOUNCEMENT TO THE SHAREHOLDERS OF REVATHI EQUIPMENT LTD (FORMERLY REVATHI-CP EQUIPMENT LTD) This is further to the Public Announcement made by Ind Global Corporate Finance Pvt Ltd as the Managers to the Offer on behalf of Utkal Investments Ltd (UIL), the Acquirer, to the shareholders of Revathi Equipment Ltd on April 25, 2002 pursuant to and in compliance with Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (Regulations). While processing the acceptance forms, MCS Ltd, Registrars to the Offer observed that 293 shareholders have opened 21,377 beneficiary accounts with respective depository participants and deposited one share each in those accounts and subsequently tendered those 21,377 shares in the open offer resulting in multiple applications to that extent. Matter was taken up with Securities and Exchange Board of India (SEBI) in the interest of other shareholders and as advised by SEBI, while finalizing the basis of acceptance, Registrars to the Offer, have considered such multiple applications with identical / common names of shareholders who have tendered one share each per application as �one single application�. The shareholders are requested to kindly note that above mentioned process resulted in delay in finalizing the basis of acceptance and acceptance / rejection would be intimated and the corresponding payment for the acquired shares and / or the share certificates / demat credit for the rejected shares, will be dispatched to resident shareholders latest by Friday, August 16, 2002 and non resident shareholders latest by Friday, August 23, 2002 instead of Thursday, August 08, 2002 as intimated vide above mentioned public announcement. In view of above no interest is being paid by the acquirer for the delayed period. UIL and directors of UIL accept full responsibility for the information contained in this PA and also for its obligations as laid down in the Regulations. Logo Issued by the Managers to the Offer Ind Global Corporate Finance Pvt Ltd 19^th Floor, Express Towers Nariman Point, Mumbai 400 021 Tel: 282 5000 Fax: 282 6000 Contact person: Dhanraj N Uchil On behalf of the Acquirer Utkal Investments Ltd P-103, Princep Street, 3^rd Floor, Room # 24, Kolkata 700 072 Place: Mumbai Date: August 09, 2002