Eicher Ltd Delisting Offer to open on January 15

JM Morgan Stanley Pvt Ltd ("Manager to the Offer"), on behalf of Eicher Goodearth Ltd ("Acquirer") and Eicher Goodearth Holdings Pvt Ltd, Eicher Investments Pvt Ltd, Eicher Holdings Pvt Ltd & Vikram Lal & Family ("Persons Acting in Concerts" or "PACs" for the purpose of this Delisting Offer), has issued this Public Announcement ("PA"), in respect of the proposed acquisition and delisting of the fully paid-up Equity Shares of Eicher Ltd ("Target Company"), pursuant to the Securities & Exchange Board of India (Delisting of Securities) Guidelines 2003 ("the Delisting Guidelines" or "Guidelines") ("Delisting Offer").

The Offer:

The Acquirer along with the PACs is making this PA to acquire upto 2,802,800 Equity Shares of face value Rs 10 each representing 25.16% of the fully paid-up equity share capital of the Target Company from the shareholders of the Target Company other than the Acquirer and PACs ("Public Shareholders") with the purpose of delisting the Equity Shares of the Target Company from the Bombay Stock Exchange Ltd ("BSE") and the National Stock Exchange of India Ltd ("NSE") ("Delisting Offer").

Determination of "Floor Price" for the Equity Shares to be acquired pursuant to the reverse book-building process.

The Floor price will be the average of the last 26 weeks high & low closing prices, which is Rs 91.54.

The minimum price at which the Acquirer offers to acquire the Equity Shares offered to it in the Delisting Offer is Rs 150 per Equity Share ("Offer Price"). The Offer Price represents 63.9% premium to the Floor Price. The Offer Price represents a premium of 33.4%, 71.0% and 116.4% over the average price of the Equity Shares of the Company one month, two months and six months, respectively.

The Acquirer shall announce the Discovered Price, the Exit Price and its decision to either accept the Discovered Price or accept the Equity Shares tendered upto and inclusive of the Exit Price or reject the Discovered Price.

Schedules of Activities :

Public Announcement: December 29, 2006

Bid Opening Date: January 15, 2007

Bid Closing Date: January 19, 2007

Announcement of Exit Price and the Acquirer's Acceptance / Non Acceptance of Exit Price: January 23, 2007.

Final Settlement Date with the Bombay Stock Exchange (Equity Shares in Dematerialised Form): January 24, 2007

Last day for Public Shareholders of Physical Share Certificates to tender their Equity Shares: February 08, 2007

Final Settlement Date (Equity Shares in Physical Form): February 19, 2007

Source : Equity Bulls

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