Indo Asian Fusegear Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 29, 2008, inter alia, have approved the following:

1. Issue of upto 19,00,000 Zero Coupon Warrants convertible into equity shares of Rs 10/-
each to Promoter(s) and other(s) at a price to be determined as per SEBI (DIP) Guidelines, 2000 on Preferential basis by private placement.

2. Convening of Extra Ordinary General Meeting of the Members for consideration of the proposed preferential issue to promoters on April 02, 2008.