Essar - Peninsula Land deal

With reference to the news item appearing in a leading financial daily titled "Essar Strikes largest office space deal for Rs 1,200 cr", Peninsula Land Ltd has clarified that the Company has entered into a Development Agreement dated March 31, 2004 with Swan Mills Ltd (Swan) in respect of Swan's land at Kurla for constructing a four building complex known as "Peninsula Technopark Complex" (Complex). As per the said Development Agreement entered with Swan, the entire development, execution and marketing of the project is being undertaken by the Company for which the Company is entitled to 22% revenue share in respect of the buildings being sold at the said Complex.

In September, 2007, Swan had entered into:

1. An Agreement for sale of two buildings located at the said Complex having an aggregate area of 7.2 lakhs sq.ft. for an aggregate consideration of Rs 1,065,00 crores to Essar Technology Park BKC Pvt. Ltd. (Essar). A sum of Rs 120.00 crores was received by Swan from Essar out of the aforesaid aggregate consideration and based on the Development Agreement, the Company received a sum of Rs 26.4 crores from Swan for the said transaction.

2. An Agreement with Essar Information Technology Ltd. for Leave & Licence for another building of 1,57,300 sq.ft. in the said complex for a period of 60 months.

Peninsula Land to issue shares

Peninsula Land Ltd has informed that the Bid Closing Date pursuant to the proposed issue of equity shares of the Company under Chapter XIII-A of the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000 (the "SEBI Guidelines") (the "Issue") is December 20, 2007. Further the Company has informed that the Company has approved the issue of 43,750,000 equity shares of Rs 2/- each pursuant to the issue at the Issue Price of Rs 120 per equity share aggregating to an Issue size of Rs 5,250 million. The Issue Price is above the floor price calculated in accordance with Clause 13A.3 of the SEBI (DIP) Guidelines, UBS Securities India Pvt Ltd and Enam Securities Pvt Ltd acted as the Joint Global Book Runners for this issue.

Peninsula Land

Peninsula Land Ltd has informed that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on October 22, 2007, inter alia, to transact the following business:

1. To create, offer, issue and allot from time to time in one or more tranche(s) in the course of domestic / follow on / international offerings or qualified institutional placement to Domestic / Foreign Investors / Institutional Investors / Foreign Institutional Investors, Qualified Institutional Buyers within the meaning of Chapter XIIIA of the SEBI Guidelines, Members, Employees, Non-Resident Indians, Companies or Bodies Corporate whether incorporated in India or abroad, Trusts, Mutual Funds, Banks, Financial Institutions, insurance Companies Pension Funds, Individuals or otherwise, whether shareholders of the Company or not, through a public issue, a qualified institutional placement within the meaning of Chapter XIIIA of the SEBI Guidelines, and / or any other means as may be permitted by the SEBI Guidelines, with or without an over-allotment option, equity shares or securities other than warrants which are convertible into or exchangeable with equity shares ("Securities") to be listed on any Stock Exchange inside India or any International Stock Exchange outside India, through an offer document and / or prospectus and / or offer letter and / or offering circular, as the Board in its sole discretion may at any time or times hereafter decide, subject to necessary provisions & approvals.

2. Increase in the Authorised Share Capital of the Company comprising of Rs 52,00,00,000/- divided into 25,99,95,000 Equity Shares of Rs 2/- each aggregating to Rs 51,99,90,000/- and 1,000 - 5% Cumulative Redeemable Preference Shares of Rs 10/- each aggregating to Rs 10,000/- to Rs 65,00,00,000/- divided into 32,49,95,000 Equity Shares of Rs 2/- each aggregating to Rs 64,99,90,000/- and 1,000 - 5% Cumulative Redeemable Preference Shares of Rs 10/- each aggregating to Rs 10,000/- & consequential amendments in the Memorandum of Association of the Company.

Peninsula Land

Peninsula Land Ltd has informed that subject to the approval of the members of the Company and applicable statutory approvals, the Board of Directors of the Company at its meeting held on September 21, 2007, has approved the issue upto 6,00,00,000 equity shares of Rs 2/- each (Face Value to the Company's share sub-divided from Rs 10/- each to Rs 2/- each as per the resolution passed by the shareholders at the Annual General Meeting held on September 21, 2007) to Domestic / Foreign Investors / Institutional Investors / Foreign Institutional Investors / Qualified Institutional Buyers, etc. through a public issue / Qualified Institutional Placement and / or any other means as may be permitted by the applicable regulations.

Peninsula Land Limited

News Verification : The media had reports that Peninsula Land Limited has sold its 20-storey building to Alok Mills for around Rs. 1000 cr. The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company. Peninsula Land Limited has vide its letter inter-alia stated, "The Company has entered into an Agreement for sale of 5,75,000 sq. ft. out of its proposed development at its Dawn Mills (Peninsula Business Park) premises at an approximate consideration of Rs. 1,054 crores to Alok Infrastructure Pvt. Ltd."