Open Offer for Saarc Net at Rs.1.05

Ashika Capital Ltd ("Manager to the Offer") on behalf of Mr. Govind Sharda alias Govind Lal Sarda ("Acquirer"), and Mr. Ashish Agarwal (Person Acting in Concert "PAC") has issued this Public Announcement ("PA") to the shareholders of Saarc Net Ltd ("Target Company"), pursuant to regulation 10 & 12 and in compliance with Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and Subsequent amendments thereto ("Regulations").

The Offer :
The Acquirer and PAC are making this Open Offer ("Offer") to the Shareholders of Target Company to acquire 1,15,89,600 Equity Shares of Re 1/- each representing 20% of voting capital, at a price of Rs 1.05 per share ("Offer Price") payable in cash.

Schedules of Activities :

Specified Date : October 06, 2006.

Date of Opening of the Offer : November 22, 2006.

Date of Closing of the Offer : December 11, 2006.

Source : Equity Bulls

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