Allotment of Equity Shares

This is to inform you that the Committee of Directors at its meeting held on January 5, 2007 has allotted 2,71,680 Equity Shares of Rs. 2 each fully paid up to Credit Suisse (Singapore) Limited on conversion of 900 Foreign Currency Convertible Bonds of US $ 1,000 each aggregating to US $ 0.9 mn.

Date 05-01-2007