Garware Marine Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on November 30, 2007, has considered and approved the following:

1. Issue and allot Share Warrants in accordance with SEBI (DIP) guidelines 2000 as follows:

a. 3,50,000 Warrants of Rs 10/- each issued at a price of Rs 25/- (inclusive of premium of Rs 15/- per warrant) to Promoters, which will entitle the warrant holders to convert into 3,50,000 Equity Shares of Rs 10/- each at a price of Rs 25/- per share.

b. 4,70,000 Warrants of Rs 10/- each issued at a price of Rs 25/- (inclusive of premium of Rs 15/- per warrant) to Non-Promoters, which will entitle the warrant holders to convert into 4,70,000 Equity Shares of Rs 10/- each at a price of Rs 25/- per share.

2. Shareholders consent for the above preferential allotment will be taken at the 29th Annual General Meeting of the Company scheduled on December 31, 2007.