Shriram City Union Finance Ltd has informed BSE that a meeting of the Committee of Directors (CoD) of the Company will be held on May 16, 2008, inter alia, to consider allotment of the following:

a. upto 7,50,000 Equity Shares of Rs 10 each to India Advantage Fund VI

b. upto 6,62,500 Equity Shares of Rs 10 each to Van Gogh Ltd

for cash on preferential basis at the rate of Rs 400/- per share (including a premium of Rs 390/- per share) being the price higher than the price determined under Chapter XIII of SEBI (Disclosure and Investor Protection) Guidelines, 2000 as amended.

c. upto 7,50,000 warrants to India Advantage Fund VI

d. upto 6,62,500 warrants to Van Gogh Ltd

at a subscription price of not less than Rs 40/- for each Warrant conferring an option to the holder to subscribe to one Equity Share per warrant within 12 months at an exercise price of Rs 400/- per warrant, being a price higher than the price determined as per Chapter XIII of the SEBI (DIP) Guidelines and the subscription amount for the Warrants being adjusted against the exercise price of the Warrants.

e. Upto 35,00,000 warrants to Shriram Retail Holdings Pvt Ltd

at a subscription price of not less than Rs 40/- for each Warrant conferring an option to the holder to subscribe to one Equity Share per warrant within 18 months at an exercise price of Ps 400/- per warrant, being a price higher than the price determined as per Chapter XIII of the SEBI (DIP) Guidelines and the subscription amount for the Warrants being adjusted against the exercise price of the Warrants.