PI Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 13, 2008, inter alia, has transacted the following:

1. Authorized Capital of the company has been increased from Rs 10 Crores to Rs 23 Crores divided into 2,00,00,000 equity shares of Rs 10/- each and 3,00,000 Preference Shares of Rs 100/- each.

2. Right issue : 1:1

3. Bonus issue (Post right issue) : 1:1

(Subject to approval of members)

4. Dividend recommendations : Nil.