Modern Dairies Ltd has informed BSE that the shareholders at the Extra Ordinary General Meeting (EGM) of the Company held on June 23, 2008, inter alia, have accorded the following:

1. To allot 46,50,000 Equity Shares of the Company on a preferential basis to International Finance Corporation (IFC) at a price of Rs 60/- (Sixty Only) per share, price being not less than the SEBI price, subject to the approval of the Board of International Finance Corporation.

2. Increase in the borrowing powers of Board of Directors from Rs 100 Crores to Rs 200 Crores pursuant to Section 293(1)(d) of the Companies Act, 1956.

Also the shareholders authorized the Board to mortgage / hypothecate / charge Company’s assets under section 293 (1)(a) of the Companies Act, 1956.