Phoenix Mills - Outcome Of Board Meeting

Phoenix Mills Ltd has informed that the Board of Directors of the Company at its meeting held on October 06, 2007, inter alia, has considered and approved the following:

In accordance with the Order of the Honble High Court, Mumbai sanctioning the Scheme of Amalgamation of Ashok Ruia Enterprises Pvt Ltd (AREPL), the Company has approved the allotment of 80,00,000 Equity shares of Rs 10/- each fully paidup in the ratio of 8 new equity shares for 5 existing equity shares of AREPL to the following:

1. Ashokkumar R Ruia - 160 No of shares allotted

2. Atul A Ruia - 160 No of shares allotted

3. Benoy Developers Pvt Ltd - 79,99,680 No of shares allotted.