Piramyd Retail - Open Offer

Edelweiss Capital Ltd ("Manager to the Offer") on behalf of Indiabulls Wholesale Services Ltd ("Acquirer") along with Indiabulls Real Estate Ltd ("Person Acting in Concert or PAC") has issued this Public Announcement ("PA"), to the shareholders of Piramyd Retail Ltd ("Target Company"), pursuant to Regulations 10 & 12 of the Securities and Exchange Board of India (Substantial Acquisition of Shares & Takeovers) Regulations, 1997 and subsequent amendments thereto (" SEBI (SAST) Regulations").

The Offer

The Acquirer along with the PAC is making an Open Offer to the public shareholders of the Target Company to acquire upto 40,32,750 equity shares of the Target Company being 20% of the Fully Diluted Voting Capital of the Target Company ("Offer Share(s)") at a price of Rs 74.73/- per fully paid up Equity Share (the "Offer Price"), payable in cash in accordance with the SEBI (SAST) Regulations and subject to the terms and conditions mentioned hereinafter (the” Offer" or "Open Offer") and the terms and conditions that will be set out in the letter of offer in relation to the Offer (the "Letter of Offer").

Schedule of Activities:

Specified Date - December 10, 2007

Date of Opening of the Offer - February 02, 2008

Date of Closing of the Offer - February 21, 2008