Luxottica Examines Securities Appellate Tribunal Rayban Sun Optics Judgment

Luxottica Group announced that on August 29 the Securities Appellate Tribunal in India (Sat) upheld the decision of the Securities and Exchange Board of India (Sebi), the Indian securities regulatory authority, originally issued on August 6, 2002.

As previously announced, Sebi's decision required a subsidiary of Luxottica Group to make a public offering to acquire up to an additional 20% of the outstanding shares of RayBan Sun Optics India Ltd., a company listed on the Indian market, at the average price quoted for the shares during the period of six months prior to April 28, 1999, plus a stipulated interest increment.

Luxottica Group is reviewing Sat's judgment and reserves the right to challenge it by proceedings in the appropriate forum if it deems to have valid reasons to do so.

Leonardo Del Vecchio, Chairman of Luxottica Group, stated: "The expected investment of a tender offer in accordance with Sebi's decision, if ultimately required, would be approximately Eur 10 million, plus a stipulated interest increment, which would have no material financial impact on the Group".