Mumbai, May 9, 2016:Parag Milk Foods Limited (the “Company”) is proposing to list its equity shares of face value of Rs. 10 each (the “Equity Shares”) on BSE Limited and the National Stock Exchange of India Limited (collectively, the “Stock Exchanges”) through an initial public offer of the Equity Shares. The initial public offer comprises of a fresh issue aggregating up to Rs. 3,000 million (“Fresh Issue”) and an offer for sale of up to 20,572,573 Equity Sharescomprising of 14,286,449 Equity Shares by the Investor Selling Shareholders;and 6,286,124 Equity Shares by Other Selling Shareholders (the “Offer for Sale” and the Offer for Sale and the Fresh Issue are collectively referred to as the “Issue”).The Issue includes a reservation of 300,000 Equity Shares for subscription by Eligible Employees (the “Employee Reservation Portion”). The Issue less the Employee Reservation Portion is referred to herein as the Net Issue.

The Company had filed the red herring prospectus dated April 21, 2016 (the “RHP”) with the Registrar of Companies, Maharashtra at Pune on April 22, 2016 and the Bid/ Issue Period for participating in the Issue was May 4, 2016 to May 6, 2016.

The price band for the Issue was determined as Rs. 220 to Rs. 227 per Equity Share. The Company is, in consultation with the Investor Selling Shareholders and the Book Running Lead Managers have decided to revise the price band and the revised price band shall be Rs. 215 to Rs. 227 per Equity Share. The minimum bid lot of 65 Equity Shares and in multiples of 65 Equity Shares thereafter and discount to Retail Individual Bidders and Eligible Employees of Rs. 12 per Equity Share shall remain unchanged.Pursuant to the revision in the price band, the Bid/Issue Period has been extended by three working days and the Bid/Issue Closing Date shall be Wednesday, May 11, 2016. For further details in relation to the revision of price band, please refer to the websites of the Stock Exchanges at www.bseindia.com andwww.nseindia.com and the websites of the Book Running Lead Managers at www.investmentbank.kotak.com, www.jmfl.com,www.idfccapital.com and www.motilaloswalgroup.com.

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