RNAVAL

JM Financial Institutional Securities Limited ("Manager to the Open Offer"), for and on behalf of Reliance Defence Systems Private Limited (the "Acquirer") together with Reliance Infrastructure Limited as the person acting in concert ("Reliance Infra" or the "PAC") with the Acquirer ("Offer"/ "Open Offer") has submitted this Detailed Public Statement ("DPS") in respect of the Open Offer to the Public Shareholders of the Pipavav Defence and Offshore Engineering Company Limited ("Target Company"), in compliance with Regulation 13(4) of the Securities and Exchange Board of India (Substantial Acqu

JM Financial Institutional Securities Limited has informed the Exchange that "Reliance Defence Systems Private Limited ("Acquirer ") together with Reliance Infrastructure Limited ("PAC") as person acting in concert with the Acquirer has made an open offer to the public equity shareholders of the Pipavav Defence and Offshore Engineering Company Limited (Target Company) , excluding the parties to the Purchase Agreement (as defined in the attached public announcement) and persons acting in concert or deemed to be acting in concert with such parties including the PAC (the "Public Shareholders") to

Pipavav Defence and Offshore Engineering Company Limited has informed the Exchange regarding a Media release dated March 4, 2015 titled "Reliance Infrastructure Acquires Pipavav Defence And Offshore Engineering Company Ltd".

Pipavav Defence and Offshore Engineering Company Limited has informed the Exchange that ; 1. IDBI Bank Ltd. has nominated Mr. Ajay Sharma on the Board of Directors of the Company as its Nominee Director in place of Mr. Ashok Katra; 2. Life Insurance Corporation of India (LIC) has nominated Ms. Padmaja Bhaskaran on the Board of Directors of the Company as its Nominee Director in place of Mr. Ashok Sahoo.

News Verification : The media had reports "Hero Motocorp promoters likely to buy stake in Pipavav Defence. Munjals likely to tie up with PE player for Pipavav deal. Munjals likely to buy between 15-21 percent equity in Pipavav Defence. Due diligence on currently for Pipavav Defence deal. Talks between M&M and Pipavav Defence fall through.". The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the company. Pipavav Defence and Offshore Engineering Com

The Exchange has sought clarification from Pipavav Defence and Offshore Engineering Company Limited with reference to recent news item captioned "Hero Motocorp promoters likely to buy stake in Pipavav Defence. Munjals likely to tie up with PE player for Pipavav deal. Munjals likely to buy between 15-21 percent equity in Pipavav Defence. Due diligence on currently for Pipavav Defence deal. Talks between M&M and Pipavav Defence fall through." In this regard, the Exchange has advised the Company to provide clarification/confirmation on the news item in detail including the following: a) Wheth

Pipavav Defence and Offshore Engineering Company Limited has submitted to the exchange the standalone financial results along with the Limited Review Report for the period ended 31-Dec-2014.

The Exchange had sought clarification from Pipavav Defence and Offshore Engineering Company Limited with respect to recent news item captioned "M&M to Acquire Pipavav Defence in Rs. 3000-cr Deal". The Company has clarified that : 1. There are no negotiations/ agreements which the Company has entered into which requires disclosure under clause 36 of the listing agreement. 2.The Company is not aware of any event /information that has not been announced. The Company states that it is in compliance with provisions of Clause 36 of the Listing Agreements. 3. If there are any legally binding Agree

The Exchange has sought clarification from Pipavav Defence and Offshore Engineering Company Limited with respect to recent news item captioned "M&M to Acquire Pipavav Defence in Rs. 3000-cr Deal". In this regard, Exchange have advised the Company to provide clarification/confirmation on the news item in detail including the following: a) Whether such event/negotiations/article stated in published news were taking place? If so, you are advised to provide the said information along with the sequence of events in chronological order and the material impact of this article on the Company. b) Wheth

News Verification : The media had reports "M&M, 2 Others Vie for 19% in Pipavav Defence". The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the company. Pipavav Defence and Offshore Engineering Company Limited has vide its letter inter-alia stated, "There are no negotiations/ agreements which the Company has entered into which requires disclosure under clause 36 of the listing agreement. The Company is not aware of any information that has not be

The Exchange has sought clarification from Pipavav Defence and Offshore Engineering Company Limited with respect to recent news item captioned "M&M, 2 Others Vie for 19% in Pipavav Defence". In this regard, Exchange have advised the Company to provide clarification/confirmation on the news item in detail including the following: a) Whether such event/negotiations/article stated in published news were taking place? If so, you are advised to provide the said information along with the sequence of events in chronological order and the material impact of this article on the Company. b) Whether com

IL&FS Trust Company Limited has submitted to the Exchange, vide letter dated January 12, 2015 a copy of disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011.

IL&FS Financial Services Limited has submitted to the Exchange, vide letter dated January 12, 2015 a copy of disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011.

Spurt in Volume : Substantial increase in trading volumes have been observed in Pipavav Defence and Offshore Engineering Company Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, had written to the company. Pipavav Defence and Offshore Engineering Company Limited has vide its letter inter-alia stated,"There is no price sensitive information relating to the Company, which requires to be intimated to the Stock Exchanges as per clause 36 of the Listing Agr

Pipavav Defence and Offshore Engineering Company Limited has submitted to the exchange the standalone financial results along with the Limited Review Report for the period ended 30-Sep-2014.

Pipavav Defence and Offshore Engineering Company Limited has informed the Exchange regarding a Outcome of Board Meeting of the Company held on November 14, 2014.

The Exchange had sought clarification from Pipavav Defence and Offshore Engineering Company Limited with respect to a news item captioned "Pipavav in talks with lenders for easier loan repayment". The Company has clarified that "The Company is in discussions with Joint Lenders Forum with regard to review of various financial limits and reassessment/corrections required and the same is under consideration by JLF". The Company, in accordance with the requirements of clause 36 disseminate required information to the stock exchanges, once decisions with respect to matters referred to in clause 36

The Exchange has sought clarification from Pipavav Defence and Offshore Engineering Company Limited with respect to recent news item captioned "Pipavav in talks with lenders for easier loan repayment". In this regard, Exchange have advised the Company to provide clarification/confirmation on the news item in detail including the following: a) Whether such event/negotiations/article stated in published news were taking place? If so, you are advised to provide the said information along with the sequence of events in chronological order and the material impact of this article on the Company. b)

Pipavav Defence and Offshore Engineering Company Limited has submitted to the Exchange, vide letter dated October 30, 2014 a copy of Disclosure pursuant to Regulation 13(6) of Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992.

The Exchange had sought clarification from Pipavav Defence and Offshore Engineering Company Limited with respect to a news item captioned "Defence deal boost: Pipavav puts in bids of Rs. 30,000 cr . The Company has clarified that "It is the Company s policy to disclose information to the stock exchanges as and when the Company is declared as the lowest bidder or the Company wins any significant orders/ contract".

Pipavav Defence and Offshore Engineering Company Limited has submitted to the Exchange the result of the postal ballot regarding approval sought from the members for the following resoluton : Item 9 of AGM Notice : Approval for creating charge on, mortgaging of all immovable asets of the Company. (According to clause 35A)The Company has also submitted to the Exchange the scrutinizer report.

Pipavav Defence and Offshore Engineering Company Limited has submitted to the Exchange, Pursuant to Clause 35A of the Listing Agreement, results of voting at the Annual General Meeting held on September 26, 2014 with the Scrutinizer Report for e-voting process and poll at the AGM.

Pipavav Defence and Offshore Engineering Company Limited has informed that the Register of Members and Share Transfer Books of the Company will remain close from September 09, 2014 to September 11, 2014 (both days inclusive) for the purpose of Annual General Meeting of the Company.

Pipavav Defence and Offshore Engineering Company Limited has submitted to the Exchange vide its letter dated August 22, 2014 a copy of disclosure under Regulation 13(6) under SEBI (Prohibition of Insider Trading ) Regulations, 1992.

Pipavav Defence and Offshore Engineering Company Limited has submitted to the exchange the standalone financial results along with the Limited Review Report for the period ended 30-Jun-2014.

Pipavav Defence and Offshore Engineering Company Limited has submitted to the exchange the standalone & consolidated financial results for the period ended 31-Mar-2014.

Pipavav Defence and Offshore Engineering Company Limited has submitted to the exchange the standalone financial results for the period ended 31-dec-2013.

Pipavav Defence and Offshore Engineering Company Limited has submitted to the exchange the standalone financial results for the period ended 31-dec-2013.

Pipavav Defence and Offshore Engineering Company Limited has informed the Exchange that Mr. Ashok Kumar Sahoo, Zonal Manager, Hyderabad of Life Insurance Corporation of India (LIC) has been appointed on the Board of Directors of the Company as a Nominee Director.

Pipavav Defence and Offshore Engineering Company Limited has informed the Exchange vide letter dated Janaury 13, 2014 regarding construction of Training ship for the Indian coast Guard, Ministry of Defence worth approx. Rs 221 Crore".

Pipavav Defence and Offshore Engineering Company Limited has informed the Exchange as follows :- "Sad demise of our Independent Director Shri S. Venkiteswaran on December 21, 2013".

Pipavav Defence and Offshore Engineering Company Limited has informed the Exchange regarding the voting results at the Annual General Meeting of the Company held on December 18, 2013 according to clause 35A.

Pipavav Defence and Offshore Engineering Company Limited has informed the Exchange that the Register of Members and Share Transfer Books of the Company will remain closed from December 10, 2013 to December 12, 2013 (both days inclusive) for the purpose of Annual General Meeting (AGM) of the Company.

Pipavav Defence and Offshore Engineering Company Limited has submitted to the exchange the standalone financial results for the period ended 30-Sep-2013.

Pipavav Defence and Offshore Engineering Company Limited has informed the Exchange vide letter dated October 30, 2013 regarding "Construction of 14 Fast Patrol Vessels for the Indian Coast Guard, Ministry of Defence worth approx Rs.920 Crs".

Horizon Infrastructure Limited has submitted to the Exchange, vide letter dated October 07, 2013 a copy of disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011.

Pipavav Defence and Offshore Engineering Company Limited has submitted to the Exchange vide letter dated October 08, 2013 a copy of Disclosure under Regulation 13(4), 13(4A) and 13(6) of SEBI (Prohibition of Insider Trading) Regulations, 1992.

Pipavav Defence and Offshore Engineering Company Limited has submitted to the Exchange vide letter dated October 08, 2013 a copy of Disclosure under Regulation 13(4), 13(4A) and 13(6) of SEBI (Prohibition of Insider Trading) Regulations, 1992.

Horizon Infrastructure Limited has submitted to the Exchange, vide letter dated October 04, 2013 a copy of Disclosure under Regulation 10(6) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Pipavav Defence and Offshore Engineering Company Limited has informed the Exchange that the Registrar of Companies, Gujarat, Dadra and Nagar Havelli, vide its letter dated September 26, 2013, has granted an extension for holding Annual General Meeting (AGM) of the Company for the financial year 2012-13, upto December 18, 2013.

Spurt in Volume : Substantial increase in trading volumes have been observed in Pipavav Defence and Offshore Engineering Company Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, had written to the company. Pipavav Defence and Offshore Engineering Company Limited has vide its letter inter-alia stated,"that there is no price sensitive information relating to the Company, which requires to be intimated to the Stock Exchanges as per Clause 36 of the Listin

Pipavav Defence and Offshore Engineering Company Limited has informed the Exchange that Mr. Ashok Udhavdas Katra has been appointed on the Board of Directors of the Company as Nominee Director on behalf of IDBI Bank, with effect from September 06, 2013.

Pipavav Defence and Offshore Engineering Company Limited has informed the Exchange vide letter dated August 29,2013 regarding "Contract for the conversion of "Sagar Pragati".

Pipavav Defence and Offshore Engineering Company Limited has submitted to the Exchange a copy of Presentation inter alia on Unaudited Financial Results of the Company for the quarter ended June 30, 2013.

Pipavav Defence and Offshore Engineering Company Limited has informed the Exchange that the Board of Directors in their meeting held on August 14, 2013 has considered appointment of Mr. Lars Olov Ricard Lindgren as an Alternate Director to Mr. Nils Peter Sandehed, a Director nominated by the strategic investor namely SAAB AB, Sweden, w.e.f. August 14, 2013.

Pipavav Defence and Offshore Engineering Company Limited has submitted to the Exchange the Standalone Financial Results along with the Limited Review Report for the period ended June 30,2013.

Pipavav Defence and Offshore Engineering Company Limited has informed the Exchange vide letter dated August 1, 2013 regarding "Launching of Ice Class Ship"

Pipavav Defence and Offshore Engineering Company Limited has informed the Exchange regarding "Overseas Listing of the Company"

Pipavav Defence and Offshore Engineering Company Limited has informed the Exchange vide letter dated July 12, 2013 regarding "Mazagon Dock Pipavav Defence Joint Venture".

Pipavav Defence and Offshore Engineering Company Limited has informed the Exchange that: (1) Pipavav Defence bags prestigious contract for maintaining and dry docking of deep water draft oil rigs amounting to Rs.255 Crore. (2) Pipavav Defence has significant contracts for oil & gas assets and for the 1st time in the country, such critical and complex work is being done in India in this sector. (3) Pipavav Defence's Offshore facilities is one of the largest in the world and is focusing on building, maintaining, refurbishing, converting and dry docking of Oil platforms, FPSO, Deep water draft ri