Punj Lloyd Limited

Punj Lloyd Limited had informed the Exchange regarding a press release dated August 02, 2007, regarding the signing of MoU for investment by the Company in Pipavav Shipyard Limited (PSL). The Company has now informed the Exchange that: "It has now entered into a Subscription and Shareholders Agreement with PSL for acquisition of 12,93,61,538 equity shares of Rs.10/- at a price of Rs.27/- per equity share aggregating to Rs.349.28 crores, which constitutes 28.84% of the present paid up share capital of PSL and which shall constitute 25.56% of the fully diluted paid up share capital of PSL upon issuance of equity shares by PSL to 2i Capital PCC and Industrial Development Bank of India (IDBI) against in-principle equity commitments made to them".