SRF - Buyback details

Enam Securities Pvt Ltd ("Manager to the Buyback") on behalf of SRF Ltd ("Target Company") has issued this Public Announcement ("PA") to the equity Shareholders / Beneficial Owners of the Target Company, pursuant to the provisions of Regulation 8(1) read with Regulation 15 (c) of the SEBI (Buyback of Securities) Regulations, 1998 for the time being in force including any statutory modifications & amendments from time to time ("Buyback Regulations") & contains the disclosures as specified in Schedule II to these Buyback Regulations.

The Buyback:

- The Target Company hereby announces the buy-back of its own fully paid-up equity shares of the face value of Rs 10/- each ("Shares") from the existing owners of Shares of the Company from the Open Market through Stock Exchanges using the nationwide electronic trading facilities of the Bombay Stock Exchange Ltd ("BSE") and / or the National Stock Exchange of India Ltd ("NSE") (together "Stock Exchanges") in accordance with the provisions of Sections 77A, 77AA, 77B & all other applicable provisions, if any, of the Companies Act, 1956 (the "Act") and the Securities & Exchange Board of India (Buy-back of Securities) Regulations, 1998 (the "Buy-back Regulations") & the relevant provisions of the Memorandum of Association & Articles of Association of the company subject to approval/s as may be necessary, from time to time from Statutory authorities including but not limited to Securities & Exchange Board of India, stock exchanges, Reserve Bank of India etc. as required at a maximum price not exceeding Rs 160 per equity share ("Maximum Buyback Price") payable in cash, for an aggregate amount not exceeding Rs 700 million ("Buyback Size"). The Buyback Size represents 9.60% of the aggregate of the Company's paid-up equity capital and eligible free reserves as on March 31, 2008 (the date of the latest standalone audited accounts) which is within the maximum permissible limit of 10% of the paid-up equity capital & eligible free reserves. The aggregate paid up capital & free reserves of the Company as at March 31, 2008 is 7289.84 million.

- The actual number of equity shares to be bought back would depend upon the average price paid for the equity shares bought back and the amount deployed in the Buyback in accordance with the resolution passed by the Board of Directors of the Company on April 25, 2008.

- The maximum Buyback price offers a premium of 15.07% & 15.11% over the closing prices on the BSE & NSE respectively prevailing on the date of the Board Meeting held on April 25, 2008 approving the Buyback.

- The amount required by the Company for the said BuyBack will be out of current surplus and/or cash balances and/or internal accruals of the company. Though the Company does not propose raising debt for effecting the Buyback, it may continue to borrow funds in the ordinary course of its business.

Schedule of activities:

Board Meeting approving "The Buyback" - April 25, 2008.

Date of Public Notice in compliance with Regulation 5A of the Buyback Regulation - April 27, 2008

Date of Opening of the Buyback* - June 16, 2008

Acceptance of Shares - Within 15 days of the relevant payout dates of the Stock Exchanges

Extinguishment of Shares - Within 15 days of acceptance as above.

Last Date for the Buyback - April 24, 2009 (i.e. 12 months from the date of the resolution passed by the Board of Directors of the Company at its meeting held on April 25, 2008) or when the Company completes the Buyback to the extent of Rs 700 million or such earlier date as may be decided by the Company at anytime even if the maximum limit of Buy-back of shares has not been reached (by giving appropriate notice for such earlier date, if any) whichever is earlier.

*subject to SEBI approval, if any

All payment obligations related to the Buyback shall be completed by the last date for the Buyback.