Ispat Industries - Outcome of Board Meeting

Ispat Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 27, 2009, inter alia, has considered and approved issue of equity shares (including issue of Equity Shares through Depository Receipts and / or Convertible Bonds and / or Warrants carrying right to subscribe to equity shares and / or securities convertible into Equity Shares in the Company) to the eligible investors, including Qualified Institutional Buyers, on preferential basis, upto an amount not exceeding Rs. 500 crores.

The proposed issue of equity shares shall be subject to approval by the shareholders of the Company and such other consent(s) / approval(s) / permission(s) as may be required.

The Board of Directors has also decided to convene an Extra-ordinary General Meeting of the members of the Company to be held on November 21, 2009 for considering the proposed issue of securities mentioned above.