Panyam Cements Revises Open Offer Schedule

Sobhagya Capital Options Ltd ("Manager to the Offer") on behalf of M/s. S P Y Reddy & Associates represented by Mr. S Sreedhar Reddy ("Acquirer") and Mr. S P Y Reddy, Mr. V Suresh, Mrs. S Parvathi, Mrs. S Sujala, Mrs. V Aravinda Rani, Mr. N Ramasubbaiah, Mr. S Chand Basha and Mr Y Srinivasa Reddy, Mr. S A Rawoof (Person Acting Concert ("PAC's")), has issued this Corrigendum to Public Announcement ("PA"), to the shareholders of the Panyam Cements & Mineral Industries Ltd ("Target Company"), which is in continuation of & should be read in conjunction with the Public Announcement ("PA") dated March 06, 2007, pursuant to the provision of the Securities and Exchange Board of India (Substantial Acquisition of Shares & Takeovers) Regulations 1997 and subsequent amendments thereto (Regulations). The shareholders of the Target Company are requested to note the following:

Revised Schedule of Activities

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Activity			Original Schedule	Revised Schedule
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Specified Date			April 02, 2007		April 02, 2007
Date of Opening of the Offer	April 26, 2007		June 20, 2007
Date of Closing of the Offer	May 15, 2007		July 09, 2007
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All other terms & Conditions contained in the PA remain unchanged.

Source : Equity Bulls

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