Jubilant Pharmova: Jubilant Biosys Limited A Wholly Owned Subsidiary Of The Company Has Signed And Issued A 'Put Option Offer' To Pierre Fabre Laboratories Which Sets Forth An Offer To Acquire 80% Equity Capital (Approx. Euro 4.4 Million Over A Period Of 2 Years) In A New Company To Be Incorporated In France Which New Company Shall Acquire Pierre Fabre'S R&D Centre (Including R&D Site And R&D Activities) At Saint Julien France.

Jubilant Biosys Limited a wholly owned subsidiary of the Company has signed and issued a "put option offer" to Pierre Fabre Laboratories.