Open Offer for STI India at Rs.25

Yes Bank Ltd ("Manager to the Offer") on behalf of (a) Eight Capital Master Fund Ltd., Cayman Islands and (b) Spinnaker Global Opportunity Fund Ltd, Spinnaker Global Emerging Markets Fund Ltd and Spinnaker Global Strategic Fund Ltd ("Acquirers") has issued this Public Announcement to the shareholders of STI India Ltd ("Target Company"), pursuant to and in compliance with among others, Regulation 10 & 12 of Chapter III of the Securities & Exchange Board of India (Substantial Acquisition of Shares & Takeovers) Regulation 1997 & subsequent amendments thereto (the "Takeover Regulations" or the "Regulations"). No person / entity is acting as Person Acting in Concert ("PAC") with Eight Capital & Spinnaker Funds for the purpose of this Open Offer. This is not a competitive bid. This Offer is not pursuant to any global acquisition resulting in an indirect acquisition of shares of the Target Company.

The Offer

The Acquirers are hereby making a public announcement of the Offer to acquire upto 58,00,000 equity shares of Rs 10/- each, representing 20.00% of the issued, subscribed & paid-up equity share capital of the Target Company, from the public shareholders of the Target Company, at a price of Rs 25 per share ("Offer Price") payable in cash subject to the terms & conditions mentioned hereinafter, Equity shares that would be tendered in the valid form in terms of this Offer will be transferred in favour of Eight Capital and Spinnaker Funds in the ratio of 1:2

Scheduled of Activities

Specified Date: May 31, 2007

Date of Opening of the Offer: July 24, 2007

Date of Closing of the Offer: August 13, 2007

Source : Equity Bulls

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