Everest Kanto Cylinder preferential allotment

Everest Kanto Cylinder Ltd has informed that the Board of Directors of the Company at its meeting held on November 21, 2007, inter alia, has approved the following:

1. Preferential Allotment of 32,00,000 equity shares of face value of Rs 2/- each at a price of Rs 250/- per share to TVG India Investment Holdings Ltd, a subsidiary of a fund advised by TVG Capital Partners Ltd and preferential allotment of 3,48,027 equity shares of face value of Rs 2/- each at a price of Rs 250/- per share to Brightwill Ltd, a subsidiary of a fund managed by CLSA Private Equity Management Ltd as prescribed under the Guidelines for Preferential Issues contained in Chapter XIII of the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000.

2. Amendment of the Articles of Association of the Company, subject to the approval of the members of the Company in Extraordinary General Meeting.

3. Payment of commission to Independent Directors, subject to the approval of the members of the Company in Extraordinary General Meeting.

4. Convening Extraordinary General Meeting of the members of the Company on January 21, 2008 to approve the Amendment of the Articles of Association and Payment of commission to Independent Directors.