GTL - Updates on Buyback of equity shares

"With reference to the Letter of Offer dated October 15, 2007 issued by the Company under the Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998 for Buyback up to 86,29,333 Equity shares through tender route.

The Company's Buyback offer opened on October 29, 2007 and closed on November 19, 2007. The Company received good response to the Buyback offer with 3.768 times acceptance from the Shareholders. Since the total number of shares tendered by the shareholders is more than the Buyback size, the shares accepted by the Company are on proportionate basis in accordance with the Buyback regulations.

The Company paid out Buyback consideration amounting to Rs 258.88 Crore and the excess shares returned to the shareholders who responded to the Company's Buyback offer. In view of the said Buyback offer, the promoters' shareholding in the Company has gone up from 32% to 34.70%.

In terms of the Buyback regulations, the Company will cancel and extinguish 86,29,333 Equity shares received under the Buyback offer."