Exercise of Company's Mandatory Conversion for entire outstanding 5966 Foreign Currency Convertible Bonds.

The Board of Directors of the Company has, at its meeting held on 13th December, 2011, decided to cause a written notice (Company Mandatory Conversion Notice) dated 13th December, 2011 to all the concerned parties specifying the Company Mandatory Conversion Date as 30th January, 2012 to exercise the Company Mandatory Conversion Right to convert entire outstanding 5966 Foreign Currency Convertible Bonds of US $ 5.966 million into 19,54,196 equity shares of Rs. 10/- each fully paid up in the capital of the Company as agreed under the Supplemental Trust Deed dated 13th August, 2010.