Usha Martin Ltd has informed BSE that the members at the Extra Ordinary General Meeting (EGM) of the Company held on December 07, 2007, inter alia, have accorded to the Board of Directors to create, offer, issue and allot up to 3,85,00,000 convertible equity warrants on a preferential basis (”Warrants”) to such Companies, promoters, persons of management group, their respective friends, relatives and as (”Allotees”) as the Board may decide in its absolute discretion, with each warrant, convertible into 1 equity share of the Company, of nominal value of Re 1/- each at a price of Rs 87/- (”Consideration”) which includes a premium of Rs 86/- per share calculated in accordance with the Guidelines for preferential allotment of Warrants and 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.