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Updates on Open Offer

| Updated on July 18, 2012 Published on July 18, 2012

Prime Securities Ltd ("Manager to the Offer") for and on behalf of the Krishiraj Trading Ltd ("Acquirer") along with Welspun Mercantile Ltd ("Person Acting in Concert" or "PAC") has informed this Corrigendum to the Public Announcement ("PA") & Detailed Public Statement ("DPS") ("Corrigendum") to the equity shareholders fo the Welspun India Ltd ("Target Company"), which is in continuation of & should be read in conjunction with the PA dated May 24, 2012 & DPS dated May 31, 2012, pursuant to and in compliance with Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and subsequent amendments thereto ("SEBI (SAST) Regulations").

Capitalized terms used in this Corrigendum but not defined shall have the same meaning as assigned in the PAand DPS.

The shareholders of the Target Company are requested to note the following, based on the observations by SEBI vide its letter dated July 05, 2012.

1. Number of Equity Shares to be acquired in the Open Offer:

Based on the revised Expanded Capital arrived pursuant to SEBI observations, the number of Equity Shares to be acquired in the open offer shall stand revised to 2,33,35,525 (Two Crore Thirty Three Lakh Thirty Five Thousand Five Hundred Twenty Five Only).

Hence, the Offer Size as mentioned in the PA and the DPS shall be read as, "open offer for acquisition of 2,33,35,525 Equity Shares, representing 26% of the Expanded Share Capital".

Below is the comparative summary of the number of shares to be acquired in the open offer, as on the date of PAand DPS and as on the date of Corrigendum:

Number of Shares to be acquired in the open offer:

Original - 2,31,69,775

Revised - 2,33,35,525

2. Pursuant to revision of the number of shares to be acquired in the open offer on account of increase in the Expanded Share Capital, the Offer Consideration mentioned in the DPS shall be read as "The total financial resources required for this Offer, assuming full acceptance of this Offer, would be Rs. 126,01,18,350 (Rupees One Hundred Twenty Six Crore One Lakh Eighteen Thousand Three Hundred Fifty Only) i.e. consideration payable for acquisition of 2,33,35,525 Equity Shares at the Offer Price of Rs. 54/- (Rupees Fifty Four Only) per fully paid-up equity share of the Target Company".

3. The Schedule of activties pertaining to the Open Offer should be read as under:

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Activity Original Schedule Revised Schedule
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Identified Date July 02, 2012 July 09, 2012
Offer Opening Date (Tendering period) July 16, 2012 July 23, 2012
Offer Closing Date July 27, 2012 August 03, 2012
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Source : BSE - >www.bseindia.com

Published on July 18, 2012
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