Indbank Merchant Banking Services Ltd has informed BSE that Calibre Rehabs Ltd (acquirer) has made an open offer to the shareholders of Saptarishi Agro Industries Ltd (target company) to acquire 68,04,408 fully paid-up equity shares of Rs 10 each representing 20 per cent of the voting capital of the target company from the existing shareholders at a price of Rs 1.50 per share payable in cash.

The offer is not subject to any minimum level of acceptance.

The acquirer has entered into a Memorandum of Understanding with M/s Global Green Company Ltd, which is the holding company of Saptarishi Agro Industries Ltd to acquire 2,52,78,377 fully paid up equity shares of Rs 10 each representing 74.29 per cent of the total issued, subscribed and paid-up capital of the target company for cash at a price of Rs 0.45 per share.

A total of 95,27,842 equity shares out of 2,52,78,377 equity shares held by Global Green Company Ltd are subject to a lock-in period of 1 and 3 years from September 13, 2002 and the same will be transferred to the acquirer subject to the continuation of the residual lock-in period in the hands of the acquirer.

The acquirer is making the above open offer in compliance with Regulations 10 and 12 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997,

The acquirer/directors of the acquirer does not hold any share in the target company as on the date of this public announcement.

The specified date is February 10, 2003. The date of opening of the offer is March 5, 2003. The date of closing of the offer is April 3, 2003.

BSE Code: 519238