Mascon Global - Outcome Of Board Meeting

Mascon Global Ltd has informed that the Board of Directors of the Company at its meeting held on March 12, 2007, has considered and approved the following:A. Acquisition of New Business1. The Board considered and In-Principle approved the acquisition of 100% of the share capital of Target Company based in US and buying Specified Accounts and referred the matter to the Investment Committee for detailed evaluation as per the Mandate of the Board. The agreed purchase consideration will be settled by a combination of cash and issue of GDRs.2. The proposed acquisitions come under the Automatic Route as per the Government of India guidelines and Reserve Bank of Indias notifications.B. Appointment of Lead Manager, International Counsel etc for the issue of Securities by way of GDRsThe Members in their meeting held on September 28, 2006 approved the issue of International Securities like GDR / ADR / FCCB including on a stock swap basis to the extent of USD 150 million.The Board decided to raise funds by issue of GDRs for meeting a part of the cost ofacquisitions and augmentation of working capital funds. In this connection, the Board approved the appointment of Lead Manager, International Counsel and Indian Counsel, and the continuation of the existing Depository arrangement.C. Draft Offering Circular in connection with the proposed GDR Issue.