At the Board meeting held on Oct 1, 2006, the Board has approved the allotment of 47,12,500 convertible warrants, on a preferential basis, to the following persons :-

Names of the proposed allottee	Number of Warrants
1. Shri Gopikishan S. Damani	11,00,000
2. Shri Rakesh Jhunjhunwala	7,00,000
3. Smt. Rekha Jhunjhunwala	20,00,000
4. M/s. ASK Investment & Financial Consultants Pvt. Ltd	6,50,000
5. Shri Ramesh S. Damani	12,500
6. Shri Vijay Aggarwal	2,50,000

Each of the aforesaid warrants would be convertible at the sole option of the holder, any time before the expiry of 18 months, from its allotment into 1 fully paid up equity share of the Company of face value Rs.10/- each , at an exercise price (including premium) decided by the Board of Directors which is not lower than the minimum price specified as per Clause 13.1.1.1 of Chapter XIII of SEBI Guidelines but not higher than Rs. 113/- per Warrant, and the issue of fresh equity shares upon conversion of the Warrants, shall be subject to such further terms and conditions, as may be finalised by the Board of Directors.

An amount of Rs.13/- per Warrant has been received from the allottees, as on the date of allotment . The balance monies of Rs.100/- per Warrant shall be payable by the allottees, at the time of conversion of the Warrants into equity shares.