OCL Updates

OCL India Ltd has informed that pursuant to filing of the Order of the Hon'ble High Court of Orissa on December 20, 2007 ("Effective Date") the Scheme of Arrangement ("Scheme') amongst OCL India Ltd ("OCL"), OCL Iron and Steel Ltd ("OISL"), Konark Minerals Ltd ("KML") and Dalmia Cement (Meghalaya) Ltd ("DCML") has become effective with effect from the Appointed Date as mentioned in the Scheme. Further, OCL would shortly notify the Record Date for the identification of its members entitlement to shares of OISL and KML.

Issue of shares:

Pursuant to the Orders and as envisaged in the Scheme, the following issue and allotment of shares will be carried out by the respective Companies in accordance with the Scheme:

1. OISL shall, in consideration of demerger of 'Steel Undertaking' of OCL, issue and allot three equity shares of Rs 1/- (Rupees One only) each for every one equity share of OCL to the members of OCL.

2. KML shall, in consideration of demerger of 'Real Estate Undertaking' of OCL, issue and allot three equity shares of Re 1/- (Rupee One only) each for every one equity share of OCL to the members of OCL; and

3. OCL shall, in consideration of merger of DCML, issue and allot sixty one equity
shares of Rs 2/- (Rupee two only) each for every hundred equity shares of DCML to the members of DCML.

Further the Scheme does not involve reduction of paid up equity share capital of OCL and existing listed shares of OCL will not undergo any change in face value.