DCM Shriram - Updates on Open Offer

Mefcom Capital Markets Ltd ("Manager to the Offer") on behalf of HB Stockholdings Ltd ("Acquirer") along with Mr. H C Bhasin (PAC) has issued this Public Announcement ("PA"), to the shareholders of DCM Shriram Industries Ltd ("Target Company"), which is in continuation of and should be read in conjunction with the PA dated November 19, 2007.

Terms used but not defined in this Announcement shall have the meaning assigned to them in PA. Shareholders are requested to note the following amendments with respect to the PA.

Upward Revision of Offer Price: As per the PA, the Offer Price was Rs 70/- per equity share. On and after the date of the PA, Acquirer, have purchased 254,212 equity shares of the Target Company as per the details given below:

Date - November 19, 2007 to November 28, 2007
Mode of Acquisition - Market Purchase
No. of Shares - 254,212
Highest Price (Rs.) - 97.05
Lowest Price (Rs.) - 69.00
Average Price (Rs.) - 85.00

The highest purchase price for the above purchase is Rs 97.05 per equity share. However the acquirer, in terms of Regulation 20(7) read with Regulation 26 of the Regulations, has revised the Offer Price to Rs 120/- per equity share which is higher than the maximum price paid by the Acquirer since the date of publication of PA from the earlier Offer Price of Rs 70/- per equity share as per the Original PA. The revised offer is for acquisition of 35,00,000 fully paid up equity shares of face value of Rs 10/- each of Target Company representing 22.88% of its paid up equity share capital of the target company at a price of Rs 120 per share ("Revised Offer Price") payable in cash.

All other terms and conditions of the offer remain unchanged.