WS Industries - Outcome of Board Meeting

WS Industries India Ltd has informed that the Board of Directors of the Company at its meeting held on December 24, 2007, has considered and approved the following:

1. Issue of 600,000 warrants proposed to be made to the Promoters of the Company on preferential basis entitling the holder of each warrant to apply for and obtain allotment of one equity share against such warrant, as per the details set out hereunder:

a) Name of the Allottee : Promoters

b) No. of Warrants proposed to be allotted : 600,000

c) Issue price per warrant : Rs 107/-

d) Date of the General Body Meeting to consider the proposed issue : January 23, 2008

e) Proposed issue within which the allotment is contemplated : 15 days from the date of the General Body Meeting.

2. Issue of 350,000 Non Convertible Cumulative Redeemable Preference Shares of Rs 100/- each aggregating to Rs 35,000,000/- to the Promoters at such coupon rate, the terms of redemption and other conditions as may he agreed to between the Company and the allottees.