Suave Hotels Ltd has informed BSE that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on March 24, 2008, inter alia, to transact the following:

1. To create, offer, issue and allot, in one or more trenches, in the course of international offerings in one or more foreign markets, in the form and/or name of Global Depository Receipts or otherwise, equity shares and/or any securities convertible into equity shares at the option of the company and/ or holder of the securities representing either Equity shares or convertible securities representing either Equity shares or convertible into equity shares (”Securities”) subscribed in foreign currency(ies) to foreign investors (Whether institutions and/or incorporated bodies and/ or individuals or otherwise, and whether or not such investors are members of the Company), for (or which, upon conversion of all securities so issued or allotted, could give rise to the issue of) an aggregate number equity shares or such receipts or instruments equivalent to not more than US$ 10 million, as decided by the company/underwriters, such issue and allotment to be made at such time or times, in such tranche or tranches at a price and in such manner as the Board may, in its discretion think fit, in consultation with the lead manager, advisors and underwriters, and otherwise on such terms and conditions as may be decided and deemed appropriate by the Board at the time of issue or allotment, subject to necessary provisions & approvals.

2. To offer / issue and allot not more than 65,00,000 warrants, convertible, at the option of the warrant holders within an aggregate time period of 18 months from date of allotment of the warrants into 65,00,000 equity shares of Rs 10 each, at an exercise price of Rs 47.00 per equity share or at the price as determined in accordance with the relevant SEBI Guidelines, to the promoters of the company as per the list mentioned in the explanatory statement attached to the notice convening this meeting, on a preferential basis, as the Board may in its absolute discretion decide, in one or more trenches and on such terms and conditions, as the Board considers fit.