To the equity shareholders of
e-Serve International Limited
Citibank Overseas Investment Corporation (“Acquirer”) recently invited shareholders holding fully paid-up equity shares of e-serve International Limited (“Shares”) to tender their Shares to the Acquire pursuant to a book-build process completed in August 2004. The book-build process, which was conducted in accordance with the Securities and Ex-change Board of India (Delisting of Securities) Guidelines 2003 (the “Guidelines”), was successful. The price paid by the Acquirer for the Acquire for the shares, as established by the book-build process, was Rs.975 per share (the “Exit Price”). In accordance with the Guidelines, a price, which was completed in September 2004.
Following the above acquisition and in accordance with the guidelines, the Acquirer has applied to the relevant stock exchanges on which the Company was listed (i.e. The Stock Exchange, Mumbai and the National Stock Exchange of the India Limited, together the “Exchanges”) to de-list the Shares from each of the Exchanges. Pursuant to the same, the Shares are expected to be de-listed from the Stock Exchanges on December 22, 2004. Upon de-listing of the Shares from the Exchanges, the Shares will not be traded on the Exchanges.
In accordance with the Guidelines, the remaining shareholders of the Company who did not or were unable to participate in the book-build process or the subsequent offer for shares in physical form, or who unsuccessfully tendered their Shares in the aforementioned processes, will now have a further opportunity to sell their Shares to the Acquirer at the Exit Price for a period of six months up to and including June 22,2005.
Offer Letter along with the Form of Acceptances inviting shareholders to tender their Shares, at the Exit Price, to the Acquirer will be dispatched to all the shareholders holding shares as on December 14, 2004.
Subject to such regulatory approvals as may be required, the Acquirer intends to dispatch payment to shareholders who have validly tendered their shares to the Registrar with all the necessary documentation during the previous moth, by the 15th of every succeeding month, commencing from January, 2005. For example for all validly tendered Shares in the Offer during the month of December, the Acquirer intends to dispatch the consideration by January 15, 2005 subject to regulatory approvals.