Steel Strips Wheels - Outcome of Board Meeting

Steel Strips Wheels Ltd has informed that the Board of Directors of the Company at its meeting held on December 15, 2007, inter alia, has considered and approved to issue and allot up to 12,55,856 equity shares of Rs 10/- each at a price of Rs 170/- each on Preferential basis to M/s Kalimati Investment Company Ltd (a wholly owned subsidiary of Tata Steel Ltd), subject to the approval of the Shareholders in their meeting to be held on January 11, 2008. Tata Steel Ltd is the main supplier of raw materials to the Company.