Warrants attached to the Zero Coupon Convertible Bonds

The Company had issued and allotted 68,88,343 Zero Coupon Convertible Bonds (ZCCB) of Rs.650/- each aggregating with a detachable warrant in October, 2008. Each ZCCB was converted into two equity shares in two tranches in August, 2009 and March, 2010.

Each warrant entitles the holder on payment of Rs.400, to purchase in the month of April 2011, one equity share of Rs.10/- at a premium of Rs.390/-. The share so acquired will rank pari passu with the existing equity shares of the Company and will be eligible for dividend, if any, that may be declared for the year ending 31st March, 2010.