Garware Offshore - EGM On Jan 24, 2007

Garware Offshore Services Ltd has informed that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on January 24, 2006, inter alia, to transact the following business:

1. To issue, offer and allot, in the course of domestic / international offerings, at any time and from time to time, in one or more tranches, from the unissued capital of the Company, further capital to be subscribed to in Indian Rupee and / or foreign currency(ies) upto an amount of USD 25 million or its Rupee equivalent in the aggregate, including premium, by way of partly, wholly or by a combination of equity shares or preference shares with a right exercisable by the holders to convert subscribe to equity / Preference shares convertible or otherwise, or partly / fully convertible debentures / bonds, or non-convertible debentures / bonds with coupons with a right exercisable by the coupon holders to convert or subscribe to equity / preference shares convertible or otherwise, or any other equity or quasi-equity financial (the said shares / instruments), by way of Private Placement in terms of the QIP to the Qualified Institutional Buyers as defined in the DIP Guidelines, Global Depository Receipts (GDR), American Depository Receipts or otherwise, subject to necessary provisions & approvals.

2. Investment by Foreign Institutional Investors including their sub-accounts (FIIs) in the Share Capital of the Company, by purchase / acquisition from the market under the portfolio investment scheme, on repatriation basis or otherwise, subject to the condition that the total holding of all FIIs put together shall not exceed 60% of the Paid-up Share Capital of the Company, subject to necessary provision & approvals.