Prajay Engineers - Outcome of EGM

Prajay Engineers Syndicate Ltd has informed that the members at the Extra Ordinary General Meeting (EGM) of the Company held on December 24, 2007, inter alia, have accorded the following:

1. Increased the Authorized Share Capital of the Company from Rs 40,00,00,000 (Rupees Forty cores) divided into 4,00,00,000 (Four Crores) equity shares of Rs 10/- (Rupees Ten only) each to Rs 50,00,00,000 (Rupees Fifty crores) divided into 5,00,00,000 (Five crores) equity shares of Rs 10/- (Rupees Ten only) each & consequential amendments in the Memorandum & Articles of Association of the Company.

2. Authority to the Board to create, offer, issue and allot in one or more tranches, in the course of domestic / international offerings to Domestic / Foreign Investors / Institutional Investors / Foreign Institutional Investors, Trusts, Mutual Funds, Banks, Financial Institutions, Insurance Companies, Pension Funds, retail public or otherwise, whether Members of the Company or not, such number of Global Depository Receipts (GDRs) or / American Depository Receipts (ADRs), Qualified Institutional Placements (QIPs) with or without green shoe option, Equity shares and / or Equity shares (through Depository Receipt Mechanism or directly to investors) and / or any other financial instruments convertible into Equity Shares or otherwise, in registered or bearer form and / or any security convertible into Equity Shares, securities, linked to Equity shares and / or securities with or without detachable warrants with right exercisable by the warrant holders to convert or subscribe to Equity Shares (Securities) or any combination of Securities secured or unsecured,