Mascon Global to buyback shares from ICICI Bank

With reference to the news item appearing in a leading daily titled "Mascon promoter in talks to buy ICICI's 5% stake", Mascon Global Ltd has informed that upon receipt of Letter of Offer on December 31, 2007 from ICICI Bank Ltd, Mr. K Chandra, the Company's Executive Chairman & CEO has informed the Company that he has signed the Letter of offer dt: December 31, 2007 from ICICI Bank Ltd for purchase of the equity shares constituting around 5.01% of the total paid-up capital of the Company.

The Company is taking steps to file the necessary disclosures as per the applicable regulations to the Stock Exchanges concerned.