Perfect Circle - Purchase Of Shares Of DANA Corporation By Asia Investments Pvt Ltd

Perfect Circle India Ltd has informed that on the evening of May 23, 2007 Asia Investment Pvt Ltd (AIPL) the promoter and principal shareholder of the Company has exercised the right under the right of first refusal provision in the Investment agreement between AIPL and Dana Corporation USA (Dana) pursuant to the notice received by AIPL from Dana which has been holding 34.92% shares in the Company proposing the sale of such shares. Upon the completion of the purchase of the above 34.92% from Dana by AIPL or an associate Company of AIPL in the next few days AIPL together with associated Companies, directors and relatives will hold shares in the Company in excess of 75% and therefore the minimum public shareholding required for listing of the Company shares will cease. It is the intention of AIPL to get the Company de-listed and accordingly immediately after the completion of the acquisition of the shares from Dana, AIPL will pursue the process for de-listing of the Company''s shares in accordance with the applicable laws, regulations and guidelines.