Allianz Capital Updates on Open Offer

Canara Bank ("Manager to the Offer"), on behalf of Mr Navjeet S Sobti, Mrs. Gurpreet N Sobti and Innovative Money Matters Pvt Ltd ("Acquirers") has issued this Public Announcement to the shareholders of Allianz Capital & Management Services Ltd ("Target Company"), which is in continuation of and should be read in conjunction with the Public Announcement ("PA") dated February 19, 2007, pursuant to and in compliance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and subsequent amendments thereto ("Regulations"). The shareholders of the Target Company are requested to note the following:

The SEBIs Observations on the Draft Letter of Offer filed on March 05, 2007 is awaited, therefore earlier announced dates mentioned in the schedule of activity in the PA and Draft Letter of Offer will undergo a change and the revised schedule of activity will be announced separately.

The Target Company had vide Board Resolution dated March 02, 2007 revised the price from Rs 37.28 to Rs 37.76 in respect of issuance and allotment of 28,25,000 fully paid up Equity Shares of Rs 10/- each for cash on preferential basis to Mr Navjeet Singh Sobti, one of the promoters of the Target Company in accordance with the guidelines of Preferential issue of SEBI (Disclosure and Investment Protection) Guidelines, 2000 and subsequent amendments thereto and thus accordingly the Offer Price in respect of the aforesaid Offer also stands revised from Rs 37.30 to Rs 37.80 for each fully paid up Equity Share of Rs 10/- each.

All the other terms and conditions of the Offer as set forth in the PA dated February 19, 2007 remain unchanged.

Source : Equity Bulls

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