Cals - Outcome of Board Meeting

Cals Ltd has informed that the Companys GDRs issue of USD 200 Million has been fully subscribed and the Board of Directors of the Company at its meeting held on December 12, 2007 has closed the issue and allotted 788,000,000 equity shares of Rs 10/- each for cash at par, being the shares underlying 7,880,000 Global Depository Receipts (GDR) issued at an Offer Price of USD 25.38 per Global Depository Receipt, entitling the holder of each GDR to 100 equity shares, to The Bank of New York, ADRs, being the depository for the GDRs.