Pioneer Investcorp - Outcome Of Board Meeting

Pioneer Investcorp Ltd has informed that the Board of Directors of the Company at its meeting held on November 17, 2007, has approved the followings:

1. To raise a sum upto Rs 335 crores by way of issue of Equity Shares or Warrants on preferential basis to Promoters / other investors and also by way of issue of Equity Shares to Qualified Institutional Buyers (QIBs) through Qualified Institutional Placement as per the provisions of SEBI (DIP) Guidelines. (It may be noted that the Members of the Company has passed a Special Resolution through Postal ballot on August 06, 2007 approving the issue of Securities to Qualified Institutional Buyers as per the provisions chapter XIIIA of SEBI (DIP) Guidelines.)

2. To call an Extra Ordinary General Meeting of the Company on December 18, 2007 for seeking the members approval for the issue of Securities on preferential basis as per the provisions of SEBI (DIP) Guidelines and for other related matter.