Mysore Cements Updates on Open Offer after SAT hearing

Ambit Corporate Finance Pvt Ltd ("Manager to the Offer") on behalf of Cementrum I.B.V. ("Acquirer") and HeidelbergCement AG ("Person Acting in Concert" / PAC) has issued this Third Corrigendum to the Public Announcement to the shareholders of the Mysore Cements Ltd ("Target Company"), which is in continuation of and should be read in conjunction with the Public Announcement ("PA") dated July 21, 2006, the Revised Public Announcement on August 18, 2006, the Corrigendum to the Public Announcement on September 05, 2006 and the Second Corrigendum to the Public Announcement on December 06, 2006. The shareholders of the Target Company may please note the following:

1. Pursuant to an appeal made by the Acquirer, Hon'ble Securities Appellate Tribunal has, vide its interim order dated December 13, 2006, permitted the Acquirer to proceed with the Offer at the Offer Price of Rs 58 per Share provided that the differential amount arising out of the non-compete fees i.e. the difference of Rs 14.50 per Share shall be paid to all the shareholders whose Shares are acquired in response to the Offer in the event of the Acquirer's challenge to the SEBI direction be unsuccessful. The Acquirer would also be liable to pay interest at the rate of 6% per annum from the date on which such enhanced amount become due and until the date of actual payment.

2. The Acquirer has also been directed to furnish a bank guarantee in favour of SEBI for an amount equal to the aggregate differential price for the entire size of the Offer (assuming full acceptances) before the Letter of Offer is issued.

3. Revised schedule of Activities is as follows:

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Activity				Original Schedule		Revised Schedule
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Specified Date			August 04, 2006			August 04, 2006
Date of Opening of the Offer	September 06, 2006		December 27, 2006
Date of Closing of the Offer	September 25, 2006		January 15, 2007
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Source : Equity Bulls

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