Mascon Global - Outcome of GDR / FCCB Committee Meeting

Mascon Global Ltd has informed that GDR / FCCB Committee of the Board of Directors of the Company at its meeting held on December 27, 2007, inter alia, has taken following decision:

1. Allotment of Foreign Currency Convertible Bonds (FCCBs) of US $ 100,000 each aggregating to US $ 50 million, convertible into GDRs and / or Shares and delivery of the global certificate representing USS 50 million 2 % unsecured Foreign Currency Convertible Bonds (FCCBs) to Deutsche Bank Luxembourg S.A., the Registrar to the said issue. The Registrar may forward to Deutsche Bank AG, London Branch (as Common Depositary), the Global certificate and other documents relating to such FCCBs.

The FCCBs issued will be listed with Luxembourg Stock Exchange.

Listing Application for the underlying Equity Shares will be applied to the Indian Stock Exchanges upon conversion of the Bonds, if any, from time to time.