IPCA Labs open offer to Tonira Pharma

Imperial Corporate Finance & Services Pvt Ltd ("Manager to the Offer"), on behalf of Ipca Laboratories Ltd ("Acquirer") and Kaygee Investments Pvt Ltd (PAC) has issued this Public Announcement ("PA") to the Shareholders of Tonira Pharma Ltd ("Target Company"), pursuant to Regulation 10 & 12 in compliance with the Securities & Exchange Board of India (Substantial Acquisition of Shares & Takeovers) Regulations, 1997 and subsequent amendments thereto ("Regulations").

The Offer:

The Acquirer & the PAC is hereby making an Open Offer to acquire 23,83,260 fully paid equity shares representing 30% of the paid equity share capital of the Target Company at a price of Rs 29/- per Share ("Offer Price"), payable in cash subject to the terms & conditions mentioned in the Offer and the terms and conditions that will be set out in the Letter of Offer in relation to the Offer ("Letter of Offer").

Schedule of Activities:

Specified Date - November 08, 2007

Date of Opening of the Offer - December 26, 2007

Date of Closing of the Offer - January 15, 2008