Syngenta South Asia AG (“Acquirer”) has made an offer (“Offer”), in accordance with a Public Announcement issued on March 16, 2007 (“PA”), a bid letter dated March 22, 2007 (“Bid Letter”) and the Securities and Exchange Board of India (Delisting of Securities) Guidelines 2003 (“Guidelines”), to acquire all outstanding shares of Syngenta India Ltd (“ Target Company”) not currently held, directly or indirectly, by itself or its affiliates, being 5,093,002 fully paid-up equity shares of Rs 5/- each of the Company (each, a “Share”).
Shareholders of the Company (“Shareholders”) had been invited to submit bids via the reverse book building platform of the Bombay Stock Exchange Ltd (“BSE”) during the Bidding Period of April 16, 2007 to April 19, 2007 in accordance with the Guidelines (“Reverse Book Building Process”).
A total of 2,260,704 Shares amounting to 7.1% of the total issued and paid up equity share capital of the Company were validly tendered at or below a price of Rs 730/- per Share (“Exit Price”) as a part of the Reverse Book Building Process. These Shares, when acquired by the Acquirer, would result in the public shareholding in the Company falling below the required level of public shareholding for continuous listing. Accordingly, the Acquirer is entitled to accept the Exit Price and delist the shares of the Company from the BSE, where it is currently listed.
The Acquirer is pleased to announce that it accepts the Exit Price and that it will acquire all Shares validly tendered at or below the Exit Price by the Shareholders. All Shareholders whose Shares are being accepted will be uniformly paid the Exit Price.
Shareholders holding Shares in physical form are being sent an invitation to offer their Shares to the Acquirer at the Exit Price. A share transfer form dated March 20, 2007 was dispatched along with the Bid Letter to each Shareholder who holds Shares in physical form (as on the records of the Company as on March 16, 2007).
Subject to the receipt of all necessary approvals, shareholders of the Company who did not or were unable to participate in the Reverse Book Building Process or who unsuccessfully tendered in the Reverse Book Building Process will be able to sell their Shares to the Acquirer at the Exit Price in accordance with the Guidelines. Details in this regard will be intimated by the Acquirer in due course.
Instructions will be issued on April 24, 2007 to the depositary participant to return of any Shares unsuccessfully / invalidly tendered by Shareholders to the Acquirer pursuant to the Reverse Book Building Process. Shareholders are requested to ensure that requisite instructions are provided to their depository participant in this regard.