Jindal Drilling - Outcome of Board Meeting

Jindal Drilling & Industries Ltd has informed that the Board of Directors of the Company at its meeting held on December 14, 2007, has considered & approved the following:

1. To issue and allot 12,00,000 equity shares of Rs 10/- each to Citigroup on preferential basis at a price of Rs 1,280/- per share, which is in compliance with Chapter XIII of the SEBI (Disclosure & Investor Protection) Guidelines, 2000, subject to the approval of members of the Company and compliance of SEBI / FEMA guidelines and other applicable laws.

2. To convene an Extra Ordinary General Meeting of the members of the Company on January 10, 2008 to obtain necessary approval for preferential allotment of equity shares as stated here above.

3. The seek approval of shareholders of the Company through postal ballot authorizing the Board of Directors to acquire 49% shareholding of Virtue Drilling Pte Ltd, Singapore and to invest in other Special Purpose Vehicles (SPVs) engaged in oil & drilling and related activities.