Saj on the Mountains Survey.18,Mahabaleshwar Panchgani Road,

Satara - 412806,

Maharashtra, India.

Phone : 022 6287 5252/ 022 2620 3434

Fax : NA

Email :  secretarial@sajresort.in

Website :  www.sajresorts.com

Initial public issue of upto 42,50,000 equity shares of face value of (Rs) 10/- each ("Equity Shares") of Saj Hotels Limited (the "Company" or the "Issuer") for cash at a price of (Rs) 65/- per equity share (including a premium of (Rs) 55/- per equity share) (the "Issue Price"), aggregating upto (Rs) 27.63 crores (the "Issue"), of which 2,14,000 equity shares aggregating to (Rs) 1.39 crores will be reserved for subscription by market maker (the "Market Maker Reservation Portion"). The issue less the market maker reservation portion i.e. issue of 40,36,000 equity shares of face value of (Rs) 10/- each at an issue price of (Rs) 65/- per equity share aggregating to (Rs) 26.23 crores is herein after referred to as the "Net Issue". The issue and the net issue will constitute 26.36% and 25.03% respectively of the post-issue paid up equity share capital of the company. The face value of the equity shares is (Rs) 10/- each and the issue price of (Rs) 65/-, which is 6.5 times of the face value.

Minimum Application for shares in Nos : 2000   Further Multiples of : 2000