Saarc Net updates Post Open offer status

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" or PAC"), has issued this Post Offer Public Announcement to the shareholders of Saarc Net Ltd ("Target Company"), which is in continuation of and should be read in conjunction with the Public Announcement dated September 30, 2006 and November 20, 2006 in terms of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and subsequent amendments thereto ("Regulations"), to acquire 1,15,89,600 equity shares of Rs 10/- each, representing 20% of its voting capital of the Target Company, at a price of Rs 1.05 per share ("Offer Price") payable in cash are as under:

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Item				Proposed in the 		Actuals
				offer document
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1. Offer Price			Rs 1.05/- per share		Rs 1.05/- per share

2. Share acquired in the	1,15,89,600 (20.00%) 		4,50,506 (0.78%)
   open offer (No & %)

3. Post offer Shareholding	4,11,52,040 (71.01%) 		3,00,12,946 (51.79%)
   of Acquirer (No & %)
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Source : Equity Bulls

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