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Intl Paper APPM
BSE: 502330NSE: IPAPPMISIN: INE435A01028

23rd-May-2011 11:49Source: BSE

AP Paper Mills - Updates on Open Offer

Lazard India Pvt Ltd ("Manager to the Offer"), on behalf of IP Holding Asia Singapore PTE. Ltd. ("Acquirer") along with International Paper Company ("Person Acting in Concert" or "PAC") has informed this Public Announcement to the equity shareholders of The Andhra Pradesh Paper Mills Ltd ("Target Company"), which is in continuation of and should be read in conjunction with the PA dated April 01, 2011. Pursuant to and in compliance with Regulation 10 and Regulation 12 and other applicable provisions of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations 1997 and subsequent amendments thereto ("Regulations"), to acquire up to 8,567,521 equity shares of face value Rs. 10/- each, representing in aggregate 21.54% of the fully diluted equity share capital of APPM at a price of Rs. 544.20 per share ("the Offer")

The equity shareholders are requested to note the following:

In compliance with Regulation 18(1) of the Regulations, the draft Letter of Offer was submitted to the Securities and Exchange Board of India ("SEBI"). The final observations letter in terms of Regulation 18(2) of the Regulations from SEBI is still awaited. Hence, the schedule of activities set out in paragraph 57 of the PA will undergo a change. Accordingly, the date stated in the PA by which the Letter of Offer is to be dispatched to the equity shareholders (i.e. May 11, 2011) and the date of opening of the Offer stated in the PA (i.e. May 26, 2011)
are postponed, till further notice in this regard is published by the Manager to the Offer.

The revised schedule of activities in respect of the Offer pertaining to acquisition of the equity shares of APPM will be announced separately on receipt of observations from SEBI in terms of the Regulations.

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