Exedy India Limited - Updates on Delisting Offer

Ambit Corporate Finance Pvt Ltd ("Manager to the Offer") on behalf of EXEDY Corporation ("Acquirer"), has informed this Announcement to the equity shareholders of Exedy India Ltd ("Target Company"), which is in continuation of and should be read in conjunction with the Public Announcement ("PA") dated December 06, 2011 and post offer public announcement ("Post Offer PA") made on February 10, 2012, in respect of the proposed acquisition and consequent delisting of the fully paid-up equity shares of the Target Company in accordance with Regulation 10 and other applicable provisions of the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 ("Delisting Regulations") ("Delisting Offer" or "Offer"), this announcement is being made to the Public Shareholders in accordance with Regulation 21 and other applicable provisions of the Delisting Regulations and paragraph 20.9 of the PA ("Exit Offer" and this announcement, as the "Exit Period PA").<br/><br/>Capitalized terms used but not defined in this Announcement shall have the same meaning assigned to them as in the PA or as defined below.<br/><br/>1.Intimation of Date of Delisting:<br/> <br/>Pursuant to the Delisting Offer made by the Acquirer to the public shareholders of the Company, the Acquirer has accepted the exit price of Rs. 350 per Share ("Exit Price") and consequent to acquisition of Shares under the Offer, the Promoters of the Company currently hold 97.21% Shares of the Company. The Company applied to the Bombay Stock Exchange Ltd ("BSE") on February 21, 2012 to delist Shares of the Company from the BSE. BSE vide its notice dated March 29, 2012 has communicated that trading in the Shares of the Company has discontinued with effect from April 04, 2012 and the Shares of the Company will be delisted from BSEs records with effect from April 16, 2012 ("Date of Delisting").<br/><br/>2. Outstanding Equity Shares after Delisting:<br/><br/>In accordance with Regulation 21(1) of the Delisting Regulations, and as announced earlier in the Post Offer PA, the remaining Public Shareholders of the Company who did not or were not able to participate in the Reverse Book Building (RBB) process or who unsuccessfully tendered their Shares in RBB process will be able to offer their Shares to the Acquirer at the Exit Price for a period of one year starting from the Date of Delisting i.e., from April 16, 2012 to April 15, 2013 ("Exit Period"). The exit offer letter ("Exit Offer Letter") in this regard shall be provided to the remaining Public Shareholders whose name appears in the register of members of the Company as on April 06, 2012 ("Residual Shareholders"). Procedure for the Residual Shareholders to tender their Shares in the Exit Offer has been set out in detail in the Exit Offer Letter.