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Wednesday, December 16, 2009

Uttam Galva - Updates on Open Offer

SBI Capital Markets Ltd ("Manager to the Offer"), on behalf of ArcelorMittal Netherlands B.V., Netherlands ("Acquirer"), has issued this Corrigendum to the Public Announcement ("First Corrigendum") to the equity Shareholders of Uttam Galva Steels Ltd ("Target Company"), which is in continuation of & should be read in conjunction with the Public Announcement ("PA") dated September 07, 2009 & Letter of Offer ("LOF") dated December 11, 2009, in compliance with Regulations 10 and 12 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and subsequent amendments thereto ("SEBI (SAST) Regulations") to acquire 3,52,26,233 fully paid-up equity shares of face value Rs 10/- each ("Shares"), representing 25.76% of the Emerging Voting Capital of the Target Company ("Offer").

The equity shareholders of Target Company are requested to kindly note the following subsequent developments with respect to the Offer:

1. The Securities and Exchange Board of India ("SEBI") has issued its comments on the Draft Letter of Offer vide its letter dated December 08, 2009 ("Observation Letter").

2. Revised schedule of activities of the Offer:


Activity Original Schedule Revised Schedule
Specified Date September 18, 2009 September 18, 2009
Date of Opening of the Offer October 31, 2009 December 19, 2009
Date of Closing of the Offer November 19, 2009 January 07, 2010

The capitalized terms used but not defined herein will have the same meaning as defined in the PA/LOF. All other terms and conditions of the Offer shall remain unchanged.

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