Abbott India Updates on Buyback Offer

Abbott India Ltd (Target Company) has announced the following, in continuation of the Original Public Announcement ("PA") dated October 06, 2006 regarding the Buy Back of its shares:

Subsequent to the said filing of the draft Letter of Offer, the Company has been advised to seek an exemption in accordance with regulation 4 of the SEBI (Substantial Acquisition of shares and Takeovers) Regulations, 1997, as amended, with regard to indirect and incidental increase in the shareholding of principal shareholder consequent to the proposed Buyback of the Company. The Company has vide its application dated October 28, 2006 to the SEBI Takeover Panel sought the aforementioned exemption.

In view of the aforesaid, the proposed Buyback is being been kept on hold, till receipt of the response to the said application. The timeline issued vide earlier Public Announcement dated October 6, 2006 stands annulled. The Company will be issuing corrigendum Public Announcement to that effect on November 01, 2006 in the same newspapers where the original Public Announcement was issued.

Details regarding revised timeline for the Buyback shall be communicated to the Exchange and the shareholders by way of further corrigendum Public Announcement as soon as the said order of Takeover Panel is received.

Source : Equity Bulls

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