Ambuja Cements Updates on Open Offer

DSP Merrill Lynch Ltd (Manager to the Offer), on behalf of Holderind Investments Ltd, Mauritius ("Holcim Mauritius"/"Acquirer") and Ambuja Cement India Pvt Ltd, as Person Acting in Concert ("PAC"), has issued this Public Announcement (PA) to the shareholders of Ambuja Cements Ltd (Target Company), in compliance with Regulation 11(1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and subsequent amendments thereto ("SEBI (SAST) Regulations"/"Takeover Code").

The Offer

The Acquirer along with PAC are making this Offer to the Public Shareholders of the Target Company to acquire upto 306,553,600 fully paid equity shares of Rs 2/- each ("Shares") representing in the aggregate 20.15 % of the fully paid up equity voting capital (representing 20% of the fully diluted equity voting capital) of Target Company at a price of Rs 154 per Share (Offer Price), payable in cash and subject to the terms and conditions mentioned in PA and in the letter of offer.

Acquirer will acquire the shares tendered by the public shareholders of the Target Company pursuant to the Offer.

Holcim Ltd, Switzerland is a person deemed to be acting in concert with the Acquirer in terms of Regulation 2(1)(e) of the SEBI (SAST) Regulations in relation to this Offer. Holcim Mauritius (the Acquirer) is a Group Company (an indirectly held wholly owned subsidiary) of Holcim Ltd.

Schedule of Activities

Specified Date - September 21, 2007

Date of opening of the Offer - October 18, 2007

Last date of Close of the Offer - November 06, 2007

Source : Equity Bulls

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