Information Given to Stock Exchanges

Outcome of Board Meeting January 30, 2008

A meeting of the Board of Directors of the Company was held on 30th January, 2008, at the registered office of the company and decided the following subjects:

• To hold an Extra-ordinary General Meeting to consider the following:
  • Issue of Foreign Currency Convertible Bonds (FCCB)/ Global Depository Receipts (GDR)/ American Depository Receipts (ADR) convertible into equity shares for an aggregate amount upto 25 Million USD.
  • Issue of equity shares to employees in permanent employment of the company and the directors of the company under the Employees Stock Option Scheme (ESOS) or the Employees Stock Purchase Scheme (ESOS) upto 5% of the Issued Share Capital of the company.
• To convene an Extra-ordinary General Meeting on March 03, 2008.