IL&FS Investsmart Updates on Open Offer for share purchase by E*TRADE

SBI Capital Markets Ltd ("Manager to the Offer"), on behalf of E*TRADE Mauritius Ltd ("Acquirer") along with E*TRADE Financial Corporation ("ETFC") and Converging Arrows Inc. ("CAI") together referred to as (Persons Acting in Concert ("PACs")) has issued this Corrigendum to the Public Announcement, to the equity shareholders of IL&FS Investsmart Ltd (Target Company), which is in continuation of & should be read in conjunction with the original Public Announcement ("PA") dated October 09, 2006 & the subsequent corrigendum to the Public Announcement dated January 22, 2007 (collectively "PAs") and the Letter of Offer dated January 17, 2007, pursuant to and in compliance with the Regulations 10, 12 & Other applicable provisions of the Securities & Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 & subsequent amendments thereto (the "SEBI (SAST) Regulations/Regulations").

The shareholders of the Target Company are requested to kindly note the following amendments with respect to the PAs & the Letter of Offer.

1. The last date for revising the offer price should be read as February 02, 2007 (instead of February 01, 2007) and the last date for withdrawing acceptance from the Offer should be read as February 08, 2007 (instead on February 07, 2007).

2. Due to the delay in commencement of the Offer & consequently the making of payment of consideration to the shareholders who accept the offer, the Acquirer & the PACs will pay interest of Rs 3.16 per share computed at the rate of 10% per annum on the offer price of Rs 210.00 per fully paid up equity share of the Target Company for the period from the original date of payment of consideration (i.e. January 03, 2007) to the revised date of payment of consideration (i.e. February 27, 2007). A total payment of Rs 213.16, comprising Rs 210.00 as the Offer price & Rs 3.16 as interest on account of above mentioned delay, will be made for each fully paid-up equity share of the Target Company.

All other terms & conditions of the Open Offer remain unchanged.

Source : Equity Bulls

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