Millars India Ltd Updates on Open Offer

LKP Shares and Securities Ltd ("Manager to the Offer"), for and on behalf of Skyline Vision Pvt Ltd, Dave Builders Pvt Ltd and Jatin Daisaria Realtors Pvt Ltd ("Acquirers") along with Mr. Khyalilal M Tater, Mr. Jitendra M Tater, Mr. Harshad P Dave, Mr. Jaysinh A Dave, Mr. Maulik H Dave, Mr. Jatin V Daisaria and Mrs. Urmi Manoj Daisaria (Person Acting in Concert or PAC's) has issued this Corrigendum to the Public Announcement to the equity shareholders of Millars India Ltd ("Target Company"), which is in continuation of & should be read in conjunction with the Original Public Announcement ("PA") dated December 06, 2006, pursuant to and in compliance of Regulations 10 & 12 of the Securities and Exchange Board of India (Substantial Acquisition of Shares & Takeovers) Regulations, 1997 and subsequent amendments thereto (the "Regulations"). The terms used but not defined in this Announcement shall have the same meanings assigned to them in the PA. The shareholders of the Target Company are requested to note the following:

A. The Acquirers, Target Company & the Patel Group have entered into a Supplementary Agreement on March 05, 2007 whereby the terms of the issue of 13,50,000 convertible warrants subscribed for in terms of the Subscription Agreement dated December 02, 2006 have been amended so as to delete the provisions restraining the warrant holders from subscribing for shares on the basis of the said warrants till 15 days after the Acquirers have completed acquisition of shares pursuant to the open offer. Consequently, the open offer size stands revised from 534,485 equity shares to 804,485 equity shares of Rs 10/- each at an offer price of Rs 80/- per share, representing 20% of the fully expanded equity share capital and of the fully expanded voting capital.

A.i. Para 1.6 stands revised to read "In the event that any or all Acquirers have sought conversion of the convertible warrants before the closure of the offer and the offer is fully or partially subscribed resulting in non promoter shareholding (i.e. shareholding by shareholders other than Patel Group and Skyline Group) coming down to less than 25% of the fully expanded equity capital, than the Acquirers agree to dilute their shareholding by selling to non promoters in the open market such number of shares of the Company within 90 days after acquisition of shares by the Acquirers pursuant to the Public Offer, so that the non promoter shareholding is not below 25% of the Fully Expanded Equity Capital".

The original and revised schedule of major activities are as follows:

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Activity			Original Schedule		Revised Schedule
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Specified Date			December 11, 2006		December 11, 2006
Date of Opening of the Offer	January 25, 2007		March 21, 2007
Date of Closing of the Offer	February 13, 2007		April 09, 2007
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All other information, terms and conditions contained in the PA remain unchanged.

Source : Equity Bulls

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