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27th December 2008

Intimation Sent To Stock Exchange - Board Meeting held on December 27, 2008

This is to inform that the Board of Directors of the Company at its Meeting held today has approved issue of Secured Redeemable Non-convertible Debentures, aggregating to Rs.2,500 million, on Private Placement basis, to Life Insurance Corporation of India, which Debentures shall be listed on National Stock Exchange of India Ltd. (NSE) or Bombay Stock Exchange (BSE). The Issue is being made to meet the normal capital expenditure, general corporate purposes and long term working capital requirements.