Nicco Corporation - Outcome Of Board Meeting

Nicco Corporation Ltd has informed that the Board of Directors of the Company at its meeting held on July 30, 2007, inter alia, has discussed the following business:

1. The Board considered and approved draft resolution u/s 81(1A) of the Companies Act, 1956, for issue and allotment of Equity Shares of nominal value of Rs 2/- each of the Company @ Rs 10/- (comprising par value of Rs 2/- per share and a premium of Rs 8/- per share) to the extent of Rs 2.00 crores to Nicco Restructuring Employees Trust Fund (NRETF), taking the total up to Rs 5.00 crores as a part of the Corporate Debt Restructuring of the Company and the CDR Package as approved by the CDR Cell set up by the Reserve Bank of India.

2. The Board considered and approved the Draft Notice pursuant to section 192A of the Companies Act, 1956, and Explanatory Statement annexed thereto, relating to passing of the following resolution by Postal Ballot:-

resolution u/s 81 (1A) of the Companies Act, 1956, for issue and allotment of Equity Shares of nominal value of Rs 2/- each of the Company @ Rs 10/- (comprising par value of Rs 2/- per share and a premium of Rs 8/- per share) to the extent of Rs 2.00 crores to Nicco Restructuring Employees Trust Fund (NRETF), taking the total up to Rs 5.00 crores as a part of the Corporate Debt Restructuring of the Company and the CDR Package as approved by the CDR Cell set up by the Reserve Bank of India.