Tayo Rolls EGM Outcome

Tayo Rolls Ltd has informed that the members at the Extra Ordinary General Meeting (EGM) of the Company held on November 23, 2007, inter alia, have accorded to the following:

1. Issuance of Equity Shares of Rs 10/- each at such premium, as may be determined later, to the existing shareholders as on the record date to be fixed, on Rights basis for an amount not exceeding Rs 46 crores in the aggregate.

2. Increase in the authorized share capital of the Company from Rs 10,00,00,000 divided into 1,00,00,000 Equity Shares of Rs 10 each to Rs 15,00,00,000 divided into 1,50,00,000 Equity Shares of Rs 10 each.

3. Powers to the Board of Directors to borrow in excess of the paid-up capital and free reserves (reserves not set apart for any specific purpose) provided that the total amount so borrowed by the Board shall not at any time exceed the limit of Rs 150 crores.

4. Approval for mortgaging the assets of the Company upto a sum of Rs 150 crores.