Jaiprakash Associates Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 18, 2008, inter alia, has approved the following:

1. Issue of 12,00,00,000 (Twelve Crores) Convertible Warrants to Jaypee Ventures Pvt Ltd, a Promoters’ Group Company, on Preferential basis, which shall be convertible into Equity shares of Rs 2/- each within 18 months, at a price to be determined in accordance with the SEBI Guidelines, subject to necessary approval of shareholders of the Company.

2. Re-constitution of the existing Committee of Directors to look into and suggest various options of restructuring including amalgamation of Companies having synergy with the business of the Company.