Spark Capital Advisors (I) Pvt Ltd (”Manager to the Offer”) on behalf of TVS Investments Ltd (”Acquirer”) has issued this Public Announcement (”PA”) to the shareholders of TVS Finance & Services Ltd (”Target Company”) in respect of the proposed acquisition of up to 42,34,588 fully paid-up equity shares (the Equity Shares) & delisting of the Target Company, pursuant to the Securities and Exchange Board of India (”Delisting of Securities”) Guidelines 2003 (the “Guidelines”) (the “Delisting Offer”).

The Offer

The Acquirer is proposing to acquire up to 42,34,588 fully paid-up Equity Shares of the Company held by the public shareholders, including the shareholdings of Directors & Relatives representing 10.23% of the fully paid-up share capital of the company. The Acquirer seeks to delist the equity shares of the Company pursuant to the voluntary delisting procedures set out in the Guidelines for the reasons set out in paragraph 1.3 of PA.

The shareholders of the Company have approved the delisting of Equity Shares of the Company through a Special Resolution passed at the Extraordinary General Meeting of the shareholders of the Company held on March 07, 2008.

The equity shares are currently listed on the Bombay Stock Exchange Ltd (BSE) & the Madras Stock Exchange Ltd (MSE) (the “Stock Exchanges”). The Acquirer is seeking to delist the equity shares of the Company from both the Stock Exchanges.

The floor price has been computed as Rs 20.29 which is higher of (a) the average of the daily closing prices on the BSE for the last 26 weeks prior to the date of this PA, being Rs 20.18, & (b) the average of the weekly highs & lows of the closing prices on the BSE for the 26 weeks preceding the date of this PA, being Rs 20.29.

The Acquirer shall announce its decision to either accept or reject the Discovered price & the Exit Price, in accordance with the timetable set out in this PA.

Schedule of Activities:

Public Announcement - March 10, 2008

Bid Opening Date (10.00 a.m.) - March 26, 2008

Bid Closing Date (3.00 p.m.) - March 28, 2008

Announcement of Exit Price & Acquirer’s Acceptance / non-acceptance of Exit Price - April 01, 2008

Final Settlement Date (Shares in Dematerialised form) - April 02, 2008

Last day for shareholders of physical share certificates to tender their Equity Shares - April 17, 2008

Final Settlement Date (Equity Shares in Physical Form) - April 29, 2008