Indcap Advisors Pvt. Ltd. ("Manager to the Offer") has submitted to BSE a copy of Pre-Offer Advertisement under Regulation 18(7) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 and Corrigendum to the Detailed Public Statement for the attention of the Equity Shareholders of South India Paper Mills Ltd ("Target Company").

20 A¢°fc¶fS, 2026 PRE-OFFER ADVERTISEMENT UNDER REGULATION 18(7) OF SEBI (SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVERS) REGULATIONS, 2011 AND p. Paragraph18ofSectionVII(BackgroundoftheTargetCompany–TheSouthIndiaPaperMillsLimited)onpage38oftheLOFhasbeenrevisedbydeletingtheearlierShort CORRIGENDUMTOTHEDETAILEDPUBLICSTATEMENTFORTHEATTENTIONOFTHEEQUITYSHAREHOLDERSOF TermASMFrameworktheTargetCompanywasplacedwitheffectfromAugust27,2026,sentence,whichnowreadsas:“TargetCompanyhasnotfacedanysuspension THE SOUTH INDIA PAPER MILLS LIMITED fromtradingontheStockExchangeduringthelast10(Ten)years.” q. Paragraph20ofSectionVII(BackgroundoftheTargetCompany–TheSouthIndiaPaperMillsLimited)onpages38–39oftheLOFhasbeenrevisedbydeletionofthe CIN:L85110KA1959PLC001352 referencetoinformationavailableinthepublicdomain,andbyrestructuringthedisclosureofpastnon-compliances,finesandtheirstatusintoadetailedtable,asper RegisteredOffice:ChikkayanaChatra,P.O.:Nanjangud,Nanjangud,Karnataka,India-571301 directionsfromSEBI.Therevisedparagraphisasunder–“BasedontheconfirmationsreceivedfromtheTargetCompany,therearenofinesorpenaltiespendingor Tel.No:(08221)228265E-mailId:corporate@sipaper.com Website:www.sipaper.com subsistingagainsttheTargetCompany,itsExistingPromotersordirectorsorKMPsbySEBI,BSEoranyotherregulatoryauthority,asonthedateofthisLOF.Thereareno outstandingfinesormonetarypenaltiespayablebytheTargetCompanytoBSEinrespectofthenon-compliances,asonthedateofthisLOF.Nopenalactionhasbeentaken OPENOFFERFORACQUISITIONOFUPTO48,75,000(FORTYEIGHTLAKHSANDSEVENTYFIVETHOUSAND)FULLYPAID-UPEQUITYSHARESHAVINGAFACEVALUEOF₹ againsttheExistingPromotersordirectorsorKMPsoftheTargetCompanyundertheSEBI(LODR)Regulations,2015asonthedateofthisLOF. Thedetailsofnon- 10/-(RUPEESTENONLY)EACH(“OFFERSHARES”)REPRESENTING26.00%(TWENTYSIXPERCENT)OFTHEVOTINGSHARECAPITALOFTHESOUTHINDIAPAPER compliance/delayedcompliancebytheTargetCompanywiththeSEBI(LODR)Regulations,2015inlast10(Ten)yearsareasunder: MILLSLIMITED(“TARGETCOMPANY”)ATAPRICEOF₹120/-(RUPEESONEHUNDREDANDTWENTYONLY)PEROFFERSHAREBYNANDINIMODI(“ACQUIRER1”)AND Regulation Duedate Actualcompliance Delay Fine/status KIRITMODI(“ACQUIRER2”)(ACQUIRER1ANDACQUIRER2,COLLECTIVELYTHE“ACQUIRERS”),TOGETHERWITHSACHINKIRITMODI,SWAPNILKIRITMODI,RIDDHI SACHINMODI,BHUVISWAPNILMODI,RIHAANSACHINMODI,RIGIDCONTAINERSPRIVATELIMITEDANDFORTUNEPACKAGINGLLP(COLLECTIVELYTHE“PERSONS 23(9) November28,2020 January30,2021 63days Thefineof₹283,200(includingGST)waswaivedoffbyBSEvide ACTINGINCONCERT”OR“PACs”),FROMTHEPUBLICSHAREHOLDERSOFTHETARGETCOMPANYPURSUANTTOANDINCOMPLIANCEWITHTHESECURITIESAND e-maildatedJuly20,2021 EXCHANGEBOARDOFINDIA(SUBSTANTIALACQUISITIONOFSHARESANDTAKEOVERS)REGULATIONS,2011,ASAMENDEDFROMTIMETOTIME(“SEBI(SAST) 17(1A) April01,2019 September24,2020 542days Thefineof₹214,760(includingGST)paidonMarch24,2023 REGULATIONS,2011”)(“OFFER”OR“OPENOFFER”). 20(2)/(2A) April01,2019 July30,2026 486 Thefineof₹214,760(includingGST)paidonMarch24,2023 ThisPre-OfferAdvertisementandCorrigendumtotheDetailedPublicStatement(“Pre-OfferAdvertisement”)isbeingissuedbyIndcapAdvisorsPrivateLimited(“Managerto ” theOffer”),forandonbehalfoftheAcquirerstogetherwiththePACs,pursuanttoregulation18(7)ofSEBI(SAST)Regulations,2011andpursuanttochanges/amendmentsas r. Paragraph29ofSectionVII(BackgroundoftheTargetCompany–TheSouthIndiaPaperMillsLimited)onpage39oftheLOFhasbeenupdatedas–“AsonOctober09, advisedbySEBIvideitsletterbearingreferenceno.HO/49/12/11(98)2026-CFD-RAC-DCR2datedOctober05,2026(“SEBILetter”),inrespectoftheOpenOffertoacquireupto 2026,1,33,419(OneLakhThirtyThreeThousandFourHundredandNineteen)EquitySharesheldbyPublicShareholderswereunderpledge.(Source:Asperthelatest 48,75,000(FortyEightLakhsAndSeventyFiveThousand)fullypaid-upequityshareshavingafacevalueof₹10/-(RupeesTenonly)eachrepresenting26.00%(TwentySix BENPOSdataavailablewiththeTargetCompanyasofOctober09,2026).” Percent)ofthevotingsharecapitaloftheTargetCompany.TheDetailedPublicStatement(“DPS”)withrespecttotheaforementionedofferwaspublishedinalleditionsof s. Anewparagraph33underSectionVII(BackgroundoftheTargetCompany–TheSouthIndiaPaperMillsLimited)onpage40oftheLOFhasbeeninsertedasfollows–“The FinancialExpress(English)andJanasatta(Hindi),theBangaloreeditionofUdaykala(Kannada),andtheMumbaieditionofMumbaiLakshadeep(Marathi)onAugust25,2026. TargetCompanyisnotapromoterand/orpromotergroupofanyotherlistedcompany.” ThisPre-OfferAdvertisementshouldbereadincontinuationofandinconjunctionwith: t. Anewparagraph34underSectionVII(BackgroundoftheTargetCompany–TheSouthIndiaPaperMillsLimited)onpage40oftheLOFhasbeeninsertedasfollows–“There (a)ThePublicAnnouncementdatedAugust18,2026(“PA”) isnodirectorindirectlinkagebetweenthepromoters/directorsoftheTargetCompanywiththeAcquirersorPACsandotherpublicshareholdersoftheTargetCompany, exceptthat2(Two)ofthedirectorsoftheTargetCompany,namelyMr.HarshadNatwarlalModiandMr.KanishkaHarshadModiareeithertheSellersorrepresentingthe (b)TheDetailedPublicStatementthatwaspublishedinalleditionsofFinancialExpress(English)andJanasatta(Hindi),theBangaloreeditionofUdaykala(Kannada),andthe interestoftheSellers.ItisclarifiedhereinthatMr.KanishkaHarshadModishallcontinuetohold3,000(ThreeThousand)EquitySharesconstituting0.016%(ZeropointZero MumbaieditionofMumbaiLakshadeep(Marathi)(“Newspapers”)onAugust25,2026(“DPS”) OneSixpercent)oftheVotingShareCapitaloftheTargetCompany.Additionally,Seller1undertheSPAisthebrother,andSeller2undertheSPAisthesister-in-lawof (c)TheDraftLetterofOfferdatedSeptember02,2026(“DLOF”);and Acquirer2,andaccordingly,suchSellersmaybeconsideredasrelatedtotheAcquirers.However,theSellersandtheAcquirershavedeclaredthattheyareindependentof (d)TheLetterofOfferdatedOctober13,2026,alongwiththeFormofAcceptance-cum-Acknowledgment(“LOF”or“LetterofOffer”)(thePA,DPS,DLOFandLOFareherein eachother,andtheSellersdonothaveanyfinancial,economic,professional,commercial,beneficialorotherassociation,arrangement,understanding,dependenceor collectivelyreferredtoasthe“OfferDocuments”) commoninterestwiththeAcquirersorthePACs.” ForthepurposeofthisPre-OfferAdvertisement: u. Anewparagraph35underSectionVII(BackgroundoftheTargetCompany–TheSouthIndiaPaperMillsLimited)onpage40oftheLOFhasbeeninserted,withthe accompanyingcompliancetablemarked“NotApplicable”,inthefollowingcontext-“WithrespecttothePromotersoftheTargetCompany,detailsofdelayedcompliances (a)“IdentifiedDate”meansWednesday,October07,2026,i.e.,thedatefallingonthe10th(Tenth)workingdaypriortothecommencementoftheTenderingPeriod,forthe /non-complianceswithrespecttoChapterV(Regulations29,30and31)ofSEBI(SAST)Regulations,2011aregivenbelow:” purposesofdeterminingthePublicShareholderstowhomtheLetterofOffershallbesent;and v. ThereferenceoftheShareValuationReportdatedAugust18,2026,issuedbyOmnifinValuationServices(OPC)PrivateLimited,inthetablesetoutinparagraph4ofSection (b)“TenderingPeriod”meanstheperiodexpectedtocommencefromThursday,October22,2026,andcloseonWednesday,November04,2026,bothdaysinclusive. VIII (Offer Price and Financial Arrangements), on page 41 of the LOF, has been updated by inserting the UDIN reference and the following: “bearing UDIN CapitalizedtermsusedbutnotdefinedinthisPre-OfferAdvertisementshallhavethemeaningsassignedtosuchtermsintheLOF. 26309798CSCHVO2532”. THESHAREHOLDERSOFTHETARGETCOMPANYAREREQUESTEDTOKINDLYNOTETHEFOLLOWINGINFORMATIONRELATEDTOTHEOFFER: w. Paragraph7ofSectionVIII(OfferPriceandFinancialArrangements)onpage42oftheLOFhasbeenrevisedbyupdatingthetableofclosingmarketpricesoftheEquity SharesoftheTargetCompanyonBSE,andtherevisedtableisasbelow: 1. TheOfferPriceis₹120/-(RupeesOneHundredandTwentyonly)perEquityShare.TheOfferPricewillbepaidinCashinaccordancewithRegulation9(1)(a)oftheSEBI (SAST)Regulations,2011andsubjecttotermsandconditionsmentionedinOfferDocuments.TherehasbeennorevisionintheOfferPrice. Event ClosingPrice(inRs.) 2. TheCommitteeofIndependentDirectorsoftheTargetCompany(“IDC”)hasrecommendedthattheOfferPriceofRs120(RupeesOneHundredandTwentyonly)perEquity PublicAnnouncement(i [Showing first 8,000 characters — download PDF for full document]