BAG Films Updates on Open Offer Schedule

Citigroup Global Markets India Pvt Ltd ("Manager to the Offer"), on behalf of Mr. Sameer Gehlaut (the "Acquirer") has issued this addendum to the Public Announcement to the equity shareholders of BAG Films Ltd ("Target Company") which is in continuation of and should be read in conjunction with the Original Public Announcement ("PA") dated January 19, 2007, pursuant to Regulation 10 of the Securities and Exchange Board of India (Substantial Acquisition of Shares & Takeover) Regulations, 1997 and subsequent amendments thereto, the shareholders of the Company are hereby advised to note that the information appearing in the PA has been amended (to the extend required) as below.

1. Consequent to the allotment of 1,30,78,000 shares to M/s High Growth Distributors P Ltd on preferential allotment basis, the offer is now being increased to acquire 2,06,82,618 fully paid up equity shares ("Offer Size") of face value of Rs 2/- each of the Target Company (each a "Share"), which represents 20.00% of the total voting equity share capital of the Target Company ("Share Capital") as on May 31, 2007, which is the date that is fifteen days from the closure of the offer. The Offer Size as a percentage of the Share Capital assumes full conversion of the 1,00,00,000 Promoters Warrants allotted by the Target Company on February 28, 2007. The Offer is being made at a price of Rs 13/- for each fully paid up share (Rs 5.5/- for each Share with Calls-in-Arrears)(such price, the "Offer Price") to be paid in cash in accordance with the SEBI (SAST) Regulations, and is subject to the terms and conditions that are set out in the letter of offer in relation to the offer ("Letter of Offer").

2. A Revised Schedule of the activities pertaining to the Offer is give below:

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Activity				Dates as per PA		Revised Dates
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Specified Date				February 08, 2007	February 08, 2007
Date of Opening of the Offer		March 13, 2007		April 27, 2007
Date of Closing of the Offer		April 02, 2007		May 16, 2007
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Source : Equity Bulls

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