Information Given to Stock Exchanges

Outcome of Committee Meeting for Allotment of GDR

A meeting of the Board of Directors of the Company was held on 27th December, 2007 at the registered office of the company and discussed the following subjects:

To consider and allot Global Depository Receipts (GDRs) aggregating to USD 1,64,98,750 (app. 16.5 Million USD).

The Committee approved the allotment of 4,92,500 GDRs of USD 33.50 each amounting to USD 1,64,98,750 representing 16,25,25,000 equity shares of Re. 1 each issued at a price of Rs. 4 per share (including Rs. 3 premium per share).