Open Offer for Panyam Cements shares at Rs.55 per share

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. S A Rawoof, Mr. N Ramasubbaiah, Mr. S Chand Basha and Mr Y Srinivasa Reddy, all Persons Acting in Concert who have given their consent to be considered as Person Acting Concert ("PAC's"), has issued this Public Announcement ("PA"), to the equity shareholders of the Panyam Cements & Mineral Industries Ltd ("Target Company"), pursuant to Regulation 11 and other provision of Chapter III of the Securities and Exchange Board of India (Substantial Acquisition of Shares & Takeovers) Regulations 1997 [SEBI(SAST) Regulations 1997] and subsequent amendments thereto ("Regulations") has announced as below.

The Offer

The Acquirer is making an Open Offer along with PAC's to the equity shareholders of Target Company, to acquire from them 32,03,628 fully paid up Equity Shares of Rs 10/- each (representing 20% of the voting capital of the Target Company) at a price of Rs 55/- per share.

Schedule of Activities:

Specified Date: April 02, 2007

Date of Opening of the Offer: April 26, 2007

Date of Closing of the Offer: May 15, 2007

Source : Equity Bulls

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