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Saffron Capital Advisors Pvt Ltd (”Manager to the Offer”), on behalf of HDIL Infra Projects Pvt Ltd, Mr Rakesh Kumar Wadhawan & Mr Sarang Wadhawan (”Acquirers”) and Mr Waryam Singh & Mr Ashok Kumar Gupta (”Persons Acting in Concert” or “PACs”), has issued this Public Announcement (”PA”) to the Shareholders of Broadcast Initiatives Ltd (”Target Company”), pursuant to Regulations 10 & 12 in compliance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations 1997 and subsequent amendments thereto (SEBI(SAST) Regulations).

The Offer:

The Acquirers and Persons acting in Concert are making this Offer to the public Shareholders of Target Company to acquire up to 50,62,800 Equity Shares (20%) of the Post Issue Capital at a price of Rs 36.50 (Rupees Thirty Six and Paise Fifty only) per Fully paid up shares (”Offer Price”) payable in cash (”Offer”) subject to the terms and conditions mentioned in the PA.

Schedule of Activities:

Specified Date - July 11, 2008

Date of Opening of the Offer - August 14, 2008

Date of Closing of the Offer - September 02, 2008

Broadcast Initiatives Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 24, 2008, inter alia, has decided the following:

1. Increase the Authorised Share Capital of the Company from existing Rupees Twenty Five Crores to Rupees Thirty Crores;

2. Issue and allot on a preferential allotment basis Sixty lacs fully paid-up equity shares of Rs 10/- each at a price up to Rs 36.50 (Including Premium of Rs 26.50) per equity share to HDIL Infra Projects Pvt Ltd (HIPPL) as per SEBI Guidelines.

in accordance with SEBI and other applicable guidelines and subject the consent of the members of the Company and other requisite authorities, if any.

An Extra Ordinary General Meeting of the shareholders of the Company will be convened on July 23, 2008 for obtaining shareholders approval for abovementioned. increase in the authorised capital and the preferential issue.

Further, the board has also noted the following:

1. This proposed preferential allotment will trigger an Open Offer to be made by HDIL Infra Projects Pvt Ltd to the public shareholders to acquire a minimum of 20% of the Emerging Voting Capital i.e. 5,062,800 Equity shares of the Company for a price that will be determined as per the SEBI Guidelines.

2. The present promoter group of the Company has also entered into an agreement with “HDIL Infra Projects Pvt Ltd” and other Persons Acting in Concert (Collectively referred to as “Acquirers”) to transfer such number of shares in the Company to Acquirers subject to the requisite approvals, consents and permissions, so as to make sure that the Acquirers collectively hold 51% of the Emerging Voting Capital of the Company i.e. 1,29,10,140 Equity shares of the Company including the shares to be allotted on preferential basis, the shares to be acquired through open offer and the shares to be acquired from the present promoters.

3. Also, allotment on a preferential basis of Equity shares in Sri. Adhikari Brothers Media Ltd and Technocraft Media Pvt Ltd, will be made to the Acquirers, pursuant to which these companies will cease to be subsidiaries of Broadcast Initiatives Ltd.

Broadcast Initiatives Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 24, 2008, inter alia, to consider the options for raising funds by way of issue of equity shares / equity share warrants convertible into Equity Shares or any other financial instruments which would be converted into or exchanged with Equity Shares at a later date, to individuals / corporate bodies under the provisions of the Companies Act, 1956 and SEBI (Disclosure and Investor Protection) Guidelines, 2000.

Broadcast Initiatives Ltd has informed BSE that in the limited review report of the Company for the quarter ended December 31, 2007, the Auditors of the Company have made the following observations:

“The Company has not recognized Leave Encashment Benefit as per the requirements of Accounting Standard 15 (revised) ‘Employee Benefits’ Pending details of the measurement of the above it’s impact on the profit & Loss for the period ended December 31, 2007 & consequently on assets / liability cannot be ascertainable.”