Information Given to Stock Exchanges

Outcome of Committee of Board of Directors on May 25, 2007

A meeting of the Committee Board of Directors (CoD) of the Company was held on May 25, 2007, to consider and allot Global Depository Receipts (GDRs) aggregating to 6 Million USD.

The Committee approved the allotment of 300,000 GDRs of USD 20 each amounting to 6 Million USD representing 99,000,000 Equity shares of Re. 1 each issued at the price of Rs. 2.50 per shaRe.