Shree Ashtavinayak - Outcome of Board Meeting

Shree Ashtavinayak Cine Vision Ltd has informed that the Board of Directors of the Company at its meeting held on December 26, 2007, inter alia, has considered & confirmed that the Company has issued USD 33 million (approximately Rs 132 crores) of Foreign Currency Convertible Bonds (FCCBs) with an option to raise an additional USD 5 million. The bonds have a maturity of 5 (five) years due on 2012. The proceeds of the issue shall be utilized for production of movies and purchase of IPR of movies outside India. The underlying equity shares on conversion will be listed on BSE and NSE. The FCCBs will be listed on the Singapore Stock Exchange.