3rd-Jul-2009 10:46Source: BSE

Avery India - Updates on Delisting Offer

ICICI Securities Ltd ("Manager to the Offer") on behalf of AV Co 3 Ltd ("AV Co 3" or "Acquirer"), has issued this Public Announcement to the Equity shareholders of Avery India Ltd ("Target Company"/ "AIL"/ "Company"), which is in continuation & should be read in conjunction with Public Announcement dated June 19, 2009 (Original PA) & Original Bid Letter dated June 19, 2009, pursuant to Clause 10 of the Securities & Exchange Board of India (Delisting of Securities) Guidelines, 2003 ("Delisting Guidelines"), in respect of the proposed acquisition and consequent delisting of the fully paid up equity shares of the Company ("Shares") under the Delisting Guidelines. 1. DISCOVERED PRICE The "Discovered Price" determined through the reverse book building process ("RBP") using the electronic facility of the BSE. in accordance with the Delisting Guidelines (being the price at which the maximum number of Shares were validly tendered) is Rs 135/- per Share (the "Discovered Price"). 2. EXIT PRICE AND DELISTING The Acquirer has accepted the Discovered Price and will acquire all the Shares validly tendered at or below the Discovered Price in the Delisting Offer (the "Exit Price"]. The settlement of funds will be in accordance with the procedure and timelines specified in the Bid Letter. The Shares of the Public Shareholders, whose Bids, have not been accepted pursuant to the RBP. will be returned to them or released from pledge. The Public Shareholders holding physical Share certificates may tender their Shares at the Exit Price during the period commencing from July 7, 2009 and ending on July 21, 2009, as per the instructions contained in the Bid Letter and the Form of Acceptance. All the Public Shareholders of the Company holding Shares in dematerialized form, who did not or were not able to participate in the RBP or who unsuccessfully tendered Shares in the RBP, will be able to offer their Shares to the Acquirer at the Exit Price during a period of six months starting From the date of delisting of the Shares of the Company from the Stock Exchanges in accordance with the Delisting Guidelines. Such date will be intimated to the Public Shareholders by the Company. Post the acceptance of the Shares validly tendered in the Delisting Offer at or below the Exit Price and completion of acquisition of such Shares, the public shareholding of the Company will fall below 25% being the minimum public shareholding limit specified by the listing agreement. Consequently, the Acquirer will initiate necessary steps to delist the Shares of the Company from BSE and CSE. Terms used but not defined in this PA shall have the same meaning assigned to them in the Original PA and the Bid Letter. All other terms and conditions of the Offer as set forth in the Original PA and the Bid Letter remain unchanged.