IG Petrochemicals - Outcome of Board Meeting

IG Petrochemicals Ltd has informed that the Board of Directors of the Company at its meeting held on December 12, 2007 has discussed and approved the following:

1. Issue of 15,00,000 Share Warrants on preferential basis to Financierings Maatschappij voor Ontwikkelingslanden N V (FMO), a Netherlands based Developmental Financial Institution, at a price of Rs 77.50 per warrant to be converted into 15,00,000 equity shares at the face value of Rs 10/- per equity share plus Rs 67.50 premium in the ratio of 1:1 (one warrant into one equity share) within a period of 18 months from the date of allotment of warrants subject to requisite shareholders and other regulatory approvals, inter alia in compliance with SEBI Guidelines for Preferential Issue and pricing guidelines.

2. The Relevant Date for the said purpose would be December 10, 2007 and the pricing of the warrants has been fixed accordingly.

3. Convening the Extra Ordinary General Meeting on January 09, 2008 to seek and obtain the approval of the shareholders for Preferential Issue of warrants.