Prakash Industries - EGM on Dec 28, 2007

Prakash Industries Ltd has informed that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on December 28, 2007, inter alia, to transact the following:

1. Authority to the Board to offer, issue and allot in one or more tranches and upon such terms and conditions and in such manner as may be deemed appropriate by the Board, not more than 62,50,000 equity shares of Rs 10/- each to Mutual Fund(s) / Financial Institution(s) / Foreign Institutional Investor(s) / Bodies Corporate(s) / NRI(s) for cash consideration at a price of Rs 190/- each (i.e. at a premium of Rs l80/- per share) by way of preferential allotment to the following proposed allottees, subject to necessary provisions and approvals:

(a) J M Financial Ventures Ltd: 1,000,000 no of equity shares

(b) Deutsche Securities Mauritius Ltd: 2,500,000 no of equity shares

(c) BRLP Mauritius Holdings II: 897,000 no of equity shares

(d) BROMLP Mauritius Holdings II: 603,000 no of equity shares

(e) Divya Shakti Trading Services Ltd: 1,250,000 no of equity shares

2. Authority to the Board to offer, issue and allot in one or more tranches and upon such terms and conditions and in such manner as may be deemed appropriate by the Board, not more than 112,50,000 Warrants to Mutual Fund(s) / Financial Institution(s) / Foreign Institutional Investor(s) / Bodies Corporate(s) / NRI(s) and Promoters & their Associates at a price of Rs 190/- per warrant with an option to subscribe to one Equity Share of Rs 10/- each per warrant (i.e. at a premium of Rs 180/- per share) by way of preferential allotment to the following proposed allottees, subject to necessary provisions and approvals:

- Non Promoters

(a) Deutsche Securities Mauritius Ltd: 1,250,000 no of warrants

(b) Divya Shaicti Trading Services Ltd: 3,500,000 no of warrants

- Promoters and their associates

(a) Prakash Industrial Finance Ltd: 2,500,000 no of warrants