Shriram City Union Finance Ltd has informed BSE that the Business Development Committee of Directors (CoD) at their meeting held on May 16, 2008, have allotted to:

a. The Western India Trustee & Executor Company Ltd - (India Advantage Fund VI), 7,50,000 Equity Shares of Rs 10 each

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

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. The Western India Trustee & Executor Company Ltd - (India Advantage Fund VI), 7,50,000 Warrants

d. Van Gogh Ltd, 6,62,500 Warrants

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. Shriram Retail Holdings Private Ltd , 35,00,000 Warrants

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 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.