Bihar Sponge Iron Ltd has informed BSE that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on March 20, 2008, inter alia, to issue and allot 1,17,93,333 new equity shares of the face value of Rs 10/- each otherwise on a Rights basis and to such secured and unsecured creditors of the Company and within such time period as the Board may determine, by the conversion of the liabilities of the Company to such creditors byway of loans, interests or otherwise and either at par or at a premium to be determined by the Board, in accordance with the applicable rules and regulations and subject to such other terms and conditions as may be stipulated by the Board of Directors and on the condition that all such further and new shares issued shall rank pari passu with the existing equity shares in the capital of this Company in all respects except that a dividend if declared for the current year, shall be paid on such new shares only on a pro-rata basis, subject to necessary provisions & approvals.