Pre Issue Publicity

In order to regulate pre – issue publicity by companies proposing to make a public or rights issue and with a view to making the Indian primary market more efficient and transparent, the Securities and Exchange Board of India, ("SEBI"), has vide its circular dated 18^th October 2006, operationalised a new norm whereby publicity made during the period commencing from the date of approval of the issue by the Board of Directors of the issuer company till the allotment of shares in the issue, is consistent with the past practices and does not contain projections, estimates or any information irrelevant to the offer document.

As per the SEBI (Disclosure and Investor Protection) Guidelines 2000 where such public communication is inconsistent with the past practices of the issuer company, it shall be prominently displayed or announced in the public communication that the issuer company is proposing to make in the near future.