Diamond Cables - Clarification on Outcome of Board Meeting

With reference to earlier announcement dated October 29, 2009 regarding Outcome of Board Meeting, Diamond Cables Ltd has clarified to BSE that the Outcome of Board Meeting should be read as follows :

1. Approved the issue of 20,00,000 equity warrants at Rs. 210 per equity warrant aggregating Rs. 42.00 crores, the said equity warrants shall be convertible into equity shares within 18 months from the date of issue. On full conversion of equity warrants into equity shares, the promoters' shareholding shall increase by 9.5%.

2. Approved issue of Bonus Shares to existing shareholders of the Company in the ratio of 1:3 (i.e. one bonus share for every three existing shares); and

3. Convened Extra Ordinary General Meeting on November 21, 2009 for obtaining shareholders' approval for issue equity warrants & bonus shares & increase in authorized capital.