Saffron Capital Advisors Pvt Ltd (\Manager to the Offer\) has informed BSE as under:

\Referring to the captioned Open Offer, the draft letter of offer (\DLOF\), in terms of Regulation 16(1) of the SEBI (SAST) Regulations, was submitted to the Securities and Exchange Board of India (\SEBI\) on December 29, 2023. The SEBI, vide its letter dated March 20, 2024, provided its final comments on the DLOF, in accordance with Regulation 16(4) of the SEBI (SAST) Regulations (\SEBI Observation Letter\). The comments of the SEBI Observation Letter will be suitably incorporated in the letter of offer (\LOF\), being sent to the eligible shareholders of the Target Company.

Please note that, pending receipt of the approval from the Reserve Bank of India (\RBI\) for change in management and transfer of management control of the Target Company, the tendering period for the Open Offer may commence not later than 12 (twelve) working days from the receipt of date of RBI approval. The payment to all successful Public Shareholders who tender their equity shares of the Target Company in the Open Offer, shall be made with in the specified time frame of 10 (ten) working days from the last date of the tendering period, along with the interest for the said delay @ 10% per annum.\



a copy of Draft Letter of Offer (\DLOF\) to the Public Shareholders of Times Guaranty Ltd (\Target Company\).