NDTV open offer

Morgan Stanley India Company Pvt Ltd ("Manager to the Offer") on behalf of Dr Prannoy Roy & Mrs Radhika Roy ("Acquirers") and RRPR Holdings Pvt Ltd ("Person Acting in Concert (PAC)") has issued this Public Announcement ("PA") to the equity shareholders of New Delhi Television Ltd ("NDTV")("Target Company"), pursuant to Regulation 11(1) as required under the Securities and Exchange Board of India (Substantial Acquisition of Shares & Takeovers) Regulations, 1997 ("SEBI (SAST) Regulations, 1997") and subsequent amendments thereto.

The Offer

The Acquirers along with PAC are making an Open Offer to the shareholders of Target Company to acquire an aggregate of 12,525,336 Equity shares of Rs 4/- each representing 20% of the resulting voting Share Capital of the Target Company at a price of Rs 438.98/- (Rupees Four Hundred Thirty Eight & Ninety Eight Paise Only) per fully paid up equity share/Voting Right ("Offer price"), payable in cash subject to the terms & conditions mentioned in PA.

Equity shares acquired via the Open Offer will be acquired equally between Dr Prannoy Roy & Mrs Radhika Roy. There are no partly paid up equity shares in the Target Company.

Schedule of Activities:

Specified Date - January 11, 2008

Date of Opening of the Offer - February 12, 2008

Date of Closing of the Offer - March 03, 2008