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 this Public Announcement ("PA") to the Shareholders of Broadcast Initiatives Ltd ("Target Company"), pursuant to Regulations 10 & 12 in compliance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations 1997 and subsequent amendments thereto (SEBI(SAST) Regulations).
The Acquirers and Persons acting in Concert are making this Offer to the public Shareholders of Target Company to acquire up to 50,62,800 Equity Shares (20%) of the Post Issue Capital at a price of Rs 36.50 (Rupees Thirty Six and Paise Fifty only) per Fully paid up shares ("Offer Price") payable in cash ("Offer") subject to the terms and conditions mentioned in the PA.
Schedule of Activities:
Specified Date - July 11, 2008
Date of Opening of the Offer - August 14, 2008
Date of Closing of the Offer - September 02, 2008
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