Adani Enterprises Updates on Voluntary Open Offer

ICICI Securities Ltd ("Manager to the Offer") on behalf of Adani Infrastructure Services Pvt Ltd ("Acquirer") has issued this Corrigendum to the Public Announcement to the shareholders of Adani Enterprises Ltd ("Target Company"), which is in continuation of and should be read in conjunction with the Public Announcement ("PA") dated February 15, 2007, pursuant to and in compliance with, Regulations 11(2A) and 21(3) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and subsequent amendments thereto ("SEBI (SAST) Regulations, 1997"). The shareholders of the target Company are requested to note the following amendments with respect to the PA:

The Offer:

The offer is a voluntary offer by the Acquirer to consolidate its holding in the Target Company by acquisition of 1,99,65,691 fully paid-up equity shares ("Shares") of the face value of Re 1 each, representing in the aggregate approximately 8.1% of the total paid-up equity share capital / voting rights of the Target Company at a price of Rs 233/- per share ("Offer Price") payable in cash subject to the terms and conditions mentioned hereinafter ("Offer" or "Public Offer" or "Open Offer"). The offer is being made to all the shareholders of Target Company other than the Acquirer and the Promoter Group of target Company. The offer is not pursuant to any global acquisition resulting in an indirect acquisition of shares of the Target Company.

The Offer is not conditional upon any minimum level of acceptance, i.e. the Acquirer will acquire all the fully paid-up equity shares of the Target Company that are tendered in terms of the Offer up to 1,99,65,691 equity shares representing in the aggregate approximately 8.1% of the outstanding equity share capital / voting rights of the Target Company, subject to the conditions specified in this Public Announcement, Letter of Offer & Form of Acceptance-cum-Acknowledgement.

All other terms and conditions of the Offer remain unchanged.

The terms used but not defined in this corrigendum announcement shall have same meaning assigned to them in the PA.

Source : Equity Bulls

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