Phoenix Lamps Promoters increase stake to 66.06% after Open Offer

Yes Bank Ltd ("Manger to the Offer"), on behalf of Argon India Ltd & Argon South Asia Ltd ("Acquirers") and Actis India Fund 2 LP, Actis South Asia Fund 2 LP, Actis Executive Co-Investment Plan LP and Actis Capital LLP ["Persons Acting in Concert" / "PACs"], has issued this Post Offer Public Announcement to the shareholders of Phoenix Lamps Ltd ("Target Company"), which is in continuation of & should be read in conjunction with, (a) the Public Announcement ("PA") dated July 07, 2006, (b) Letter of Offer dated January 19, 2007 (c) Corrigendum to PA dated February 01, 2007, pursuant to and in compliance with among others, Regulation 10 & 12 of Chapter III of the Securities and Exchange Board of India (Substantial Acquisition of Shares & Takeovers) Regulations 1997 and subsequent amendments thereto (the "SEBI Takeover Regulations" / "Regulations"), to acquire 56,03,860 equity shares of Rs 10/- each representing 20% of the voting paid up equity share capital at a price of Rs 190/- per fully paid up equity share.

The details are as follows:

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Item					Proposed in the 		Actual		
					Letter of offer
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1. Offer Price				Rs 190 				Rs 190 
2. Shares acquired in the		56,03,860 (20%) 		56,03,860 (20%)   
open offer (No & %)
3. Post offer Shareholding		1,85,09,587 (66.06%) 		1,85,09,587 (66.06%)
of Acquirers and PACs (No & %)
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Source : Equity Bulls

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