Glittek Granites Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 09, 2008, has approved the following:

1. The raising of resources to part finance the expansion plans of the Company and redemption of 8% cumulative / convertible / redeemable preference shares of the Company by fresh issue of upto 78,26,000 equity shares on preferential basis of nominal value of Rs 5/- each at a price of Rs 5.75 each (including a premium of Rs 0.75 per share) aggregating to Rs 450.00 Lacs to the promoters and their associates and a non promoter as detailed below:

(A) Promoters and their Associates

(i) M/s. Virdhi Commercial Co. Ltd : 22,43,500
(ii) M/s. U S D Industries Pvt Ltd : 19,47,800
(iii) Mr. Kamal Kumar Agarwal : 61,000
(iv) Mr. Ashoke Agarwal : 35,000
(v) Mr. Rajendra Kumar Mittal : 2,08,700

- TOTAL (A) 44,96,000

(B) Non-Promoter Shareholders:

(i) M/s. Mrigaya Vinimay Pvt Ltd : 33,30,000

- TOTAL (B) 33,30,000

2. The increase and re-classification of the Authorized Share Capital of the Company from
Rs 13,50,00,000 (Rupees Thirteen Crore Fifty Lakh Only) divided into 1,96,00,000 Equity Shares of Rs 5/- each and 37,000 Preference Shares of Rs 1,000/- each to Rs 14,00,00,000 (Rupees Fourteen Crores Only) divided into 2,80,00,000 Equity Shares of Rs 5/- each ranking pari-passu with the existing Equity Shares of the Company.

3. The reappointment of Sri. Kamal Kumar Agarwal as Managing Director of the Company for a period of five years with effect from April 01, 2008 on remuneration, terms & conditions.

4. The reappointment of Sri. Ashoke Agarwal as Joint Managing Director of the Company for a period of Five Years with effect from April 01, 2008 on remuneration, terms & conditions.

Further the Company has informed that, an Extra Ordinary General Meeting of the Shareholders of the Company will be held on April 08, 2008.