Fasttrack Impex updates

Fasttrack Impex Pvt Ltd (Acquirer) has informed in terms of Disclosure under Regulation 22(17) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 as amended ["Takeover Regulations"] that Fasttrack Impex Pvt Ltd (Acquirer) on March 14, 2008 has acquired 4,41,424 fully paid up equity shares of Rs 2/- each of Advani Hotels & Resorts India Ltd ("AHRL") at an average price of Rs 95.86 per equity share from the open market through the stock exchange mechanism of Bombay Stock Exchange Ltd and National Stock Exchange of India Ltd. The Shares constitute 0.96% of the paid up share capital of AHRL. The highest price paid on March 14, 2008 for acquisition of the part of the aforesaid shares is Rs 97 per share.

In light of the public announcement issued by Fasttrack Impex Pvt Ltd (Acquirer) / Arrow Webtex Ltd (Person Acting in Concert) under Regulation 10 of the Takeover Regulations on February 29, 2008 and the open offer to be made by Fasttrack Impex Pvt Ltd (Acquirer) and Arrow Webtex Ltd (Person Acting in Concert) pursuant thereto ("Open Offer"), this disclosure is being made under Regulation 22(17) of the Takeover Regulations.

The highest purchase price of Rs 97 per Share paid by Fasttrack Impex Pvt Ltd (Acquirer) towards the above mentioned open market purchase is less than the price of Rs 103.00 per share payable by Fasttrack Impex Pvt Ltd (Acquirer) / Arrow Webtex Ltd (Person Acting in Concert) under the Open Offer.

Accordingly, the above mentioned acquisition will not impact the price payable to the shareholders of AHRL who tender their shares in the Open Offer.