Garware Offshore - Updates on Open Offer
HSBC Securities and Capital Markets (India) Pvt Ltd (”Manager to the Offer”) for and on behalf of IndiaSTAR (Mauritius) Ltd (”Acquirer”) has issued this Corrigendum to the Public Announcement to the equity shareholders of Garware Offshore Services Ltd (”Target Company”), which is in continuation of and should be read in conjunction with the PA dated November 07, 2007 and the Corrigenda to the PA dated December 14, 2007 & December 19, 2007 respectively, pursuant to Regulation 10 and other applicable provisions of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and subsequent amendments thereto (”SEBI (SAST) Regulations”).
The shareholders of the Target Company are requested to note the following:
1. Section 8 of the PA (”Time schedule for major activities for the Offer”) has been revised. The original & revised time schedule for major activities for the Offer is as under:
------------------------------------------------------------------------------------------ Activity Original Schedule Revised Schedule ------------------------------------------------------------------------------------------ Specified Date November 30, 2007 November 30, 2007 Date of Opening of the Offer January 01, 2008 March 19, 2008 Date of Closing of the Offer January 21, 2008 April 07, 2008 ------------------------------------------------------------------------------------------
2. In accordance with the terms of the SEBI (SAST) Regulations & as directed by the Securities & Exchange Board of India, the Acquirer shall pay interest at the rate of 10% per annum to the shareholders of the Target who have validly tendered their shares in the Offer, for the delay caused in completion of the obligations under the Offer.
Tags: Garware Offshore