News Flashes

CRISIL - Post Offer Status

9th May 2005: Kotak Mahindra Capital Company Ltd ("Manager to the Offer") on behalf of The McGraw-Hill Companies, Inc. and S&P India LLC ("Acquires") has issued Post Offer Public Announcement to the Shareholders of CRISIL Ltd ("Target Company"). The details of the offer made pursuant to the Public Announcement dated February 17, 2005, a corrigendum to the same dated March 08, 2005 and the public announcement for upward revision of offer dated April 11, 2005, under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 to acquire 4,170,562 fully paid-up equity shares of Rs 10/- each, representing 65.57% of the paid-up equity capital of the Target Company (subject to a minimum level of acceptance of 2,643,983 shares representing 41.57% of the paid-up equity capital of the Target Company) at a revised price of Rs 775/- (Rs. Seven Hundred and Seventy Five only) per fully paid-up equity share, payable in cash are as under:

            Item                             Proposed in the                    Actual
                                                Letter of Offer
a. Offer Price                            Rs 680/- per fully paid            Rs 775/- per fully paid up
                                                up equity share                    equity share (As per revised offer)

b. Share acquired in the            35,34,488 (55.57%)[As per     31,20,948 (49.07%)
   Open Offer                            revised offer: 41,70,562


c. Post Offer shareholding of
   Acquires                                35,34,488* (55.57%)[As per   31,20,948* (49.07%)
                                                revised offer: 41,70,562*

Note: The above percentage are calculated based on the total paid-up equity capital comprising 63,60,750 shares as on February 17, 2005.

* Excluding 600,000 (9.43%) held by Standard & Poor's International LLC

Dishman Pharmaceuticals Board approves to issue $50mn FCCBs

9th May 2005: Dishman Pharmaceuticals & Chemicals Ltd will issue unsecured Foreign Currency Convertible Bonds up to $ 50 million with a right to retain over-subscription upto 20 per cent of the issue. The board at its meeting on Sunday also decided to convene an Extraordinary General Meeting on June 3 for approval by shareholders, the company informed the Bombay Stock Exchange today.

Infosys ADR offer opens on May 9

7th May 2005: Infosys has informed the stock exchanges that its American Depository Receipts offering will open on May 9 and end on May 19. The firm is seeking to convert up to 16 million shares listed on Indian stock exchanges in Mumbai, into American Depository Receipts (ADRs) through a sponsored secondary issue. When listed as American Depository Shares on the Nasdaq, these will increase the company’s float on that exchange by around 6 per cent, taking the total to 14 per cent. Proceeds of the sale will go to holders of equity shares in India who turn in those shares for the US listing. The company was providing all equity shareholders the opportunity to participate in the ADS offering on terms contained in a separate Invitation to Offer, Infosys said.

IDBI - Issue of seventh tranche of IDBI Omnibonds (2005-06)

7th May 2005: Industrial Development Bank of India Ltd (IDBI Ltd) has informed BSE that it proposes to launch the seventh tranche of IDBI Omnibonds (2005-06) issue on May 09, 2005, viz. IDBI Omnibonds 2005K for an amount of Rs 950 million.

Tata Teleservices allotted equity shares on conversion of FCCBs

6th May 2005: Tata Teleservices Maharashtra Ltd has informed BSE that the Finance Committee of the Board of Directors of the Company has approved the issue and allotment of an aggregate of 37,36,417 Equity Shares of Rs. 10/- each to various investors who have exercised their right to convert FCCBs of US$ 2,100,000 held by them into Equity Shares. The Equity Shares have been issued and allotted at a premium of Rs, 14.96 per Equity Share (i.e., at a Issue Price of Rs.24.96 per share) in accordance with the terms of the FCCB Issue. The deemed date of allotment of the Equity Shares is April 29, 2005. It may not be out of place to mention that out of the total FCCBs of USD 125 million issued by the Company in June 2004, FCCBs aggregating USD 49.06 million have so far been converted into 8,72,89,834 equity shares (including 6th Tranche) of the Company at a premium of Rs.14.96 per share.

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