Open Offer for GG Automotive at Rs.8.6

Ashika Capital Ltd ("Manager to the Offer"), for and on behalf of Hakeem Auto Ltd ("Acquirer") has issued this Public Announcement ("PA") to the equity shareholders of GG Automotive Gears Ltd (Target Company), pursuant to the Honorable Securities Appellate Tribunal ("SAT") Order dated August 24, 2006 & regulation 11(1) and in compliance with Securities and Exchange Board of India (Substantial Acquisition of Shares & Takeovers) Regulations, 1997 and subsequent amendments thereto ("Regulations") has announced as below:

The Offer:

The Acquirer is making this Offer to the shareholders of the Target Company to acquire from them up to 15,83,300 equity shares of Rs 10/- each representing 20% of the voting capital of the Target Company at a price of Rs 8.60 (Rs 5.35 per share (Offer Price) + interest of Rs 3.25*) per share ("Offer Price").

* Considering the Honorable Supreme Court's Order in respect of the Colour Chem Ltd, in addition to above Offer Price, interest of Rs 3.25 per share (calculated @ 10% p.a. on Rs 8/- per share from March 05, 2003 till the date of actual payment of the Offer Price for the shares acquired i.e. March 15, 2007) would be payable to the shareholders holding shares on February 03, 2003 and continue to be the shareholders on the closure date of the Offer and tendered out of the shares held on February 03, 2003 in response to the Offer and acquired by the Acquirer.

Schedules of Activities

Specified Date: January 05, 2007

Date of Opening of the Offer: February 15, 2007

Date of Closing of the Offer: March 06, 2007

Source : Equity Bulls

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