Sub: Allotment of 14,50,000 equity shares of face value Rs. 10/- each to the Promoter Group, arising out of conversion of the Convertible warrants allotted to them.

At the Meeting of the Board of Directors held today, the Board has, interalia, considered and approved the allotment of 14,50,000 fully paid up equity shares (“Equity Shares”) of the Company of face value Rs. 10/- each in aggregate to the Promoter Group, comprising the following allottees , on account of their partial conversion of 14,50,000 convertible warrants (“Warrants”) out of the total quantity of 44,50,000 warrants ,in aggregate, allotted to the Promoter Group , on a preferential basis, on October 1, 2006. . It is further informed that the entire allotment proceeds towards allotment of the aforesaid equity shares have been received by the Company.

Name of the Allottee belonging to the Promoter Group     No. of Shares Allotted

1. Mr. Gopikishan S. Damani                                                    3,58,427
2. Mr. Rakesh Jhunjhunwala                                                     2,28,090
3. Mrs. Rekha Jhunjhunwala                                                     6,51,685
4. M/s. ASK Investment & Financial Consultants Pvt. Ltd.            2,11,798
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Total                                                                                      14,50,000
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The necessary in-principle approvals from the Bombay Stock Exchange and the National Stock Exchange of India Limited (hereinafter “the Stock Exchanges”) have been received at the time of allotment of warrants, and therefore upon the aforesaid conversion, the Company has proceeded to allot the said equity shares.

Please note that the Equity Shares allotted as above upon the Conversion of the Warrants shall rank pari-passu in all respects with the Existing Equity Shares of the Company. The said Equity Shares shall be subject to a lock-in as per the provisions of the SEBI (Disclosure and Investor Protection) Guidelines, 2000 and shall not be sold, transferred, hypothecated or encumbered in any manner during the period of lock-in except to the extent and in the manner permitted under the SEBI (Disclosure and Investor Protection) Guidelines, 2000.

Further, please note that only upon receipt of the necessary post-allotment in-principle approval from the Stock Exchanges, the Company will proceed to make an electronic credit of the allotted equity shares to the aforesaid allottee’s account through the respective depositories.

With the aforesaid allotment, the promoter group shareholding in the Company has gone up to 1,20,04,403 equity shares of face value Rs. 10/- each which constitutes 27.82% of the present paid up capital of the Company.


Date : 30th March, 2007
Place : Mumbai.