Perfect Circle announces Delisting Offer at Rs.18.94

Perfect Circle India Ltd has announced that Asia Investments Pvt Ltd ("Acquirer") has issued this Public Announcement ("PA") to the equity shareholders of Perfect Circle India Ltd (Target Company) in respect of the proposed acquisition and delisting of the fully paid-up Equity Shares of Target Company, in accordance with the Securities & Exchange Board of India (Delisting of Securities) Guidelines, 2003 (the "Guidelines").

The Acquirer proposes to acquire all the outstanding equity shares currently not held by the promoter group being 52,34,589 fully paid-up equity shares of face value of Re 1/-, each comprising 15.70% of the paid-up Equity Share Capital in accordance with the PA & seeks to delist the equity shares of the Target Company from the Bombay Stock Exchange (BSE) & Delhi Stock Exchange Association Ltd (DSE), pursuant to the delisting procedures set out in the Guidelines and the offer described in this Public Announcement (the "Offer").

A special resolution was passed by the Shareholders at the Annual General Meeting of the Company held on July 26, 2007 approving the delisting of the Target Company's equity Shares pursuant to the provision of the Guidelines.

In terms of Clause 8.2 & 8.3 of the guidelines, the Floor Price (the "Floor Price") for the reverse book-building process has been determined as Rs 18.94 per fully paid-up equity share.

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

Enam Securities Pvt Ltd has been appointed as Manager to the Offer

Schedule of Activities:

Issue of Public Announcement: August 13, 2007.

Bid Opening Date (for shares in Dematerialised Form): August 22, 2007 (10.00 a.m.)

Bid Closing Date (for shares in Dematerialised Form): August 24, 2007 ( 3.00 p.m.).

Public Announcement of Exit Price and the Acquirer's acceptance / non-acceptance of Exit Price by: August 28, 2007.

Final Settlement Date (for shares in Dematerialised Form)# latest by: August 29, 2007.

Date of opening of the delisting offer for the holders of the physical shares#: August 29, 2007.

Date of closing of the delisting offer for the holders of the physical shares: September 12, 2007.

Final settlement date (for shares in Physical Form): September 26, 2007.

# Subject to acceptance of the exit price

Any change in the mentioned time table will be communicated through a corrigendum to the PA.

Source : Equity Bulls

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