ICICI Bank allotted Southern Iron and Steel shares

Southern Iron & Steel Company Ltd has informed that as on December 21, 2007, ICICI Bank Ltd was holding 1,79,72,579 equity shares in the Company which is equivalent to 6.14% of the equity shares of the Company.

On December 22, 2007, the Company has allotted 1,31,33,871 equity shares of Rs 10/- at a premium of Rs 52/- per share to ICICI Bank Ltd, on conversion of Optionally Convertible loan of Rs 81,43,00,060 as per the CDR package and Master Restructuring Agreement dated July 11, 2007.

With this allotment, ICICI is holding 3,11,06,450 equity shares as on December 22, 2007, which is 9.40% of the total equity shares of the Company.

Southern Iron and Steel scheme of amalgamation

Southern Iron & Steel Company Ltd has informed that pursuant to the Order made by the Honorable High Court of Judicature at Bombay, a meeting of the equity shareholders of the Company will be held on December 28, 2007, for the purpose of considering and if thought fit, approving with or without modification(s), the arrangement embodied in the Scheme of Amalgamation of the Company with JSW Steel Ltd.