Saffron Capital Advisors Pvt Ltd (Manager to the Offer), on behalf of HDIL Infra Projects Pvt Ltd, Mr Rakesh Kumar Wadhawan & Mr Sarang Wadhawan (Acquirers) and Mr Waryam Singh & Mr Ashok Kumar Gupta (Persons Acting in Concert or PACs), has issued Post Offer Public Announcement to the Shareholders of Broadcast Initiatives Ltd (Target Company), which is in continuation of & should be read in conjunction with the Public Announcement (PA) dated June 26, 2008 & corrigendum to the PA dated July 30, 2008 & the Letter of Offer dated July 24, 2008, under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations 1997 and subsequent amendments thereto (SEBI (SAST) Regulations), to acquire 50,62,800 fully paid up Equity Shares of Rs 10/- each, representing 20% of the post issue capital of Target Company at a price of Rs 36.50/- (Rupees Thirty Six & Paisa Fifty only) per fully paid up equity shares, payable in cash.
Details of Acquisition:
Sr. No. Items Proposed in the
Offer Document Actual 1 Offer Price Rs 36.50 Rs 36.50 2. Share holding of the Acquirer before SPA/PA - Number of Shares (%) 41,048*
(0.21%) 41,048
(0.21%) 3. Shares acquired by way of SPA or Market purchases - Number of Shares (%)
Shares acquired by way of a Preferential Allotment - Number of Shares (%) Upto 69,10,140
(Upto 27.30%)
60,00,000
(23.70) 41,23,072
(16.32%)
60,00,000
(23.70%) 4. Voting Rights acquired pursuant to the acquisition of Preference shares on which dividend was in arrears for more than 2 years - - 5. Shares acquired in the Open Offer - Number of Shares (% of paid up capital) 50,62,800
(20.00%) 27,87,068
(11.01%) 6. Size of the
Open Offer (No. of shares multiplied by offer price per share) 50,62,800 shares x Rs 36.50 = 18,47,92,200 27,87,068 shares x Rs 36.50 = 10,17,27,982 7. Shares acquired after PA but before 7 working days
prior to closure date, if any (No & %) - - 7.1 Price of the shares acquired - - 7.2 No of shares acquired - - 7.3 % of shares acquired - - 8. Post Offer share holding of Acquirer - Number of Shares (%) (2+3+4+5+7) 1,29,10,140
(51.00%) 1,29,51,188
(51.21%) 9. Pre & Post offer Shares holding of Public (No & %) Pre Offer
85,50,800
(44.27%) Post Offer
1,24,03,860**
(49.00%) Pre Offer
85,50,800
(44.27%) Post Offer
1,23,62,812**
(48.79%) 10. Status of Escrow Account, whether released or not No 11. Payment of Interest, if any, to the shareholders along with thereof Not applicable 12. Status of Investor complaints received, if any Not applicable * These shares are included under the Public Category.
** Includes shareholding of Existing Promoters as they are reclassified under Public Category on completion of Open Offer
Details of Acquisition:
Sr. No. Items Proposed in the
Offer Document Actual 1 Offer Price Rs 36.50 Rs 36.50 2. Share holding of the Acquirer before SPA/PA - Number of Shares (%) 41,048*
(0.21%) 41,048
(0.21%) 3. Shares acquired by way of SPA or Market purchases - Number of Shares (%)
Shares acquired by way of a Preferential Allotment - Number of Shares (%) Upto 69,10,140
(Upto 27.30%)
60,00,000
(23.70) 41,23,072
(16.32%)
60,00,000
(23.70%) 4. Voting Rights acquired pursuant to the acquisition of Preference shares on which dividend was in arrears for more than 2 years - - 5. Shares acquired in the Open Offer - Number of Shares (% of paid up capital) 50,62,800
(20.00%) 27,87,068
(11.01%) 6. Size of the
Open Offer (No. of shares multiplied by offer price per share) 50,62,800 shares x Rs 36.50 = 18,47,92,200 27,87,068 shares x Rs 36.50 = 10,17,27,982 7. Shares acquired after PA but before 7 working days
prior to closure date, if any (No & %) - - 7.1 Price of the shares acquired - - 7.2 No of shares acquired - - 7.3 % of shares acquired - - 8. Post Offer share holding of Acquirer - Number of Shares (%) (2+3+4+5+7) 1,29,10,140
(51.00%) 1,29,51,188
(51.21%) 9. Pre & Post offer Shares holding of Public (No & %) Pre Offer
85,50,800
(44.27%) Post Offer
1,24,03,860**
(49.00%) Pre Offer
85,50,800
(44.27%) Post Offer
1,23,62,812**
(48.79%) 10. Status of Escrow Account, whether released or not No 11. Payment of Interest, if any, to the shareholders along with thereof Not applicable 12. Status of Investor complaints received, if any Not applicable * These shares are included under the Public Category.
** Includes shareholding of Existing Promoters as they are reclassified under Public Category on completion of Open Offer
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