HEG - Updates on Buy Back Offer

ICICI Securities Ltd (Manager to the Buy Back) on behalf of HEG Ltd ("Company") has issued this Corrigendum to Public Announcement to the Equity Shareholders / Beneficial Owners of the equity shares of the Company, which is in Continuation of and should be read in conjunction with the Original Public Announcement dated September 25, 2008, pursuant to the Securities and Exchange Board of India letter dated October 08, 2008. The capitalized terms and abbreviations used in this Corrigendum have the same meaning as ascribed to them in the PA, unless otherwise specified. The Equity Shareholders / Beneficial Owners of Equity Shares of the Company are requested to take note of the following modifications / changes made to the PA. Clause 7.4 of the PA has been modified as: "The maximum price at which the Buyback will be carried out is Rs 350 per Equity Share. The maximum price has been arrived at after considering certain parameters such as the book value, earnings trend in the recent past, the future outlook for the industry / Company, and other relevant factors. The Maximum Buyback Price of Rs 350 is at a premium of 32.25% and 32.85% over the closing prices on the BSE and NSE respectively, prevailing on the date of the Board Meeting held on August 19, 2008 approving the Buyback. The Maximum Buyback Price of Rs 350 is at a premium of 28.89% and 29.08% over the closing prices on the BSE and NSE respectively prevailing on August 20, 2008 i.e. the next date after the Board Meeting." Clause 7.5 of the PA stands withdrawn in which place the following clause should appear: "The actual number of Equity Shares to be bought back would depend upon the average price paid for the Equity Shares bought back and the amount deployed in the Buyback. The maximum amount to be invested for the Buyback is Rs 485 million. Considering the maximum approved purchase price of per Equity Share Rs 350, the number of shares which can be bought back is 1,385,714. The Company proposes to buy a minimum of 350,000 Equity Shares." Clause 7.16 of the PA stands withdrawn. PROPOSED TIME TABLE Board Meeting approving the Buyback - August 19, 2008 Date of Public Notice in Compliance with Regulation 5A of the Buyback Regulations - August 21, 2008 Date of Opening of Buyback - October 13, 2008 Acceptance of Shares - Within the relevant pay-out dates of the Stock Exchanges Extinguishment of Shares - Within 15 days of acceptance as above Last Date of the Buyback - August 18, 2009 (i.e. 12 months from the date of the resolution passed by the Board of Directors of the Company at its meeting held on August 19, 2008) or when the Company completes the Buyback to the extent of Rs. 485 million, whichever is earlier All payment obligations related to the Buyback shall be completed by the last date for the Buyback.