News Flashes

CRISIL - Schedule of activities for Open Offer

18th February 2005: Kotak Mahindra Capital Company Ltd ("Manager to the Offer") on behalf of The McGraw Hill Companies Inc and S&P India LLC, acting in concert with each other pursuant to and in compliance with, among others, regulation 10 and 12 of the securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 as amended, has announced the Schedule of Activities for the open offer to the shareholders of CRISIL Ltd as below:

Schedule of Activities:

Specified Date: February 18, 2005

Date of Opening of the Offer: April 06, 2005

Date of Closing of the Offer: April 25, 2005

Hindustan Oil Exploration - Open Offer

16th February 2005: Ind Global Corporate Finance Pvt. Ltd ("Manager to the offer") on behalf of Burren Energy India Ltd, London ("BEIL" / "Acquirer Company") and Unocal Bharat Ltd ("UBL", "Persons acting in concert"/"PAC") pursuant to and in compliance with among others, Regulation 10 of Chapter No. III of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers), Regulations, 1997 and subsequent amendments thereto [SEBI Takeover Regulations"/"Regulations"] has announced as follows:

The Offer

Pursuant to the provisions of Regulation 10 of the SEBI Takeover Regulations, since BEIL has acquired the shareholding from Unocal International Corporation in an off-shore transaction and since UBL holds 26.01% of the shares of Hindustan Oil Exploration Company Ltd ("HOEC" /"Target Company"), which is more than the stipulated minimum trigger limit of 15%, BEIL is making the open offer to all the remaining equity shareholders of HOEC. BEIL proposes to acquire 1,17,48,990 Equity Shares representing 20% of the paid up equity share capital of the Target Company at a price of Rs 92.41 per fully paid up equity share ("Offer Price") payable in cash ("Offer") subject to the terms & conditions made in the Public Announcement and the Letter of Offer.

Schedule of Activities:

Specified Date - February 16, 2005

Date of Opening of Offer - April 08, 2005

Date of Closure of the Offer - April 27, 2005

LIC to drive Rs 10,000 cr more into equities

16th February 2005: State-owned Life Insurance Corporation could increase its market exposure to 10% from the current 7-8%. In simple terms, this would mean an investment of over Rs 10,000 crore into equity. “The present market value, in absolute terms, stands at about Rs 31,000 crore and there is no restriction on taking it further,” said chairman LIC RN Bharadwaj. Taking advantage of the spurt in equity markets, LIC plans to launch three new unit-linked products: Bima Nivesh (at 5.9% interest rate), Unit-linked Assurance and Unit-linked Pension once the regulator clears them. Mr. Bharadwaj said globally insurance companies invest upto even 50% of their funds in equities. LIC’s exposure is low since the markets here lack depth, he said.

VSNL - Delisting of equity shares from CSE

1st February 2005: Videsh Sanchar Nigam Ltd (VSNL) has informed BSE that the equity shares of the Company have been voluntarily delisted from The Calcutta Stock Exchange Association Ltd (CSE).

Sunshield Chemicals - Open Offer

1st February 2005: Ambit Corporate Finance Pvt. Ltd ("Manager to the Offer"), on behalf of the Mr. Amit Champaklal Choksey, Aeonian Investments Company Ltd (AICL) and Abhiraj Trading & Investments Pvt. Ltd (ATIPL) ("Acquirers") who are acting in concert with each other for the purpose of this open offer pursuant to Regulation 10 & 12 and in compliance with the Securities and Exchange Board of India (Substantial Acquisition of Shares & Takeover) Regulation 1997 and subsequent amendments thereto (the "SEBI Takeover Code") has announced the following:

The Offer

The Acquires are making the offer to the shareholders of Sunshield Chemicals Ltd (Target Company) in terms of Regulations 10 and 12 of the SEBI Takeover code. The Offer is for acquisition of upto 7,35,306 equity shares from the shareholders of the Target Company representing 20% of issued and voting equity share capital of 36,76,530 shares at a price of Rs 10 per share (Rupees Ten Only) (the "Offer Price") payable in cash. ATIPL would be acquiring all the shares accepted under this offer.

Schedule of Activities

Specified date: February 25, 2005

Date of opening of the offer: March 23, 2005

Date of Closing of the offer: April 11, 2005

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