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12th January 2010

Intimation Sent to Stock Exchange : Board Meeting Update

The shareholders of the Company had, by their resolution dated October 1, 2009 approved an issue of securities not exceeding US$150million.Nosecurities have been issued pursuant to this resolution as on date. The Board of Directors in its meeting held today approved an issue of securities including Equity Shares and Non Convertible Debentures with Warrants not exceeding US $150 Million through any permissible route including through a Qualified Institutions Placement.

The final proportion, amounts, price and terms of issue would be determined in consultation with the Merchant Banker(s) and as per the SEBIregulations as applicable.

The Company would now seek the approval of the shareholders through postal ballot for the issueof above securities. The Companywould take appropriate follow up action on receipt of the approval from the shareholders. The Shareholders' Resolution when passed will supersede in its entirety the shareholders' resolution of our Company dated October 1, 2009 and will not be in addition to the issue of securities approved earlier.

The stock exchanges are requested to take this on record and acknowledge the receipt of this letter.