Open Offer for Madan Financial shareholders at Rs.4.75Open Offer for Madan Financial shareholders at Rs.4.75

Chartered Capital & Investment Ltd ("Manager to the Offer") on behalf of Mangal Kiran Securities Ltd ("Acquirer"), has issued this Public Announcement ("PA") to the equity shareholders of Madan Financial Services Ltd ("Target Company"), pursuant to Regulation 10 and Regulation 12 as required under the Securities & Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 ("SEBI (SAST) Regulations, 1997") and subsequent amendments thereto.

The Offer

The Acquirer intends to make an Open Offer in terms of the SEBI (SAST) Regulations, 1997 to the shareholders of Target Company to acquire additional 10,00,000 equity shares of Rs 10/- each representing 20.00% of the total paid-up capital / voting share capital of the Target Company at a price of Rs 4.75/- per fully paid up equity share / Voting rights ("Offer Price") payable in cash.

Schedule of Activities

Specified Date - April 02, 2007

Date of Opening of Offer - May 04, 2007

Date of Closing of Offer - May 23, 2007

Source : Equity Bulls

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