Speciality Papers Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 14, 2008, inter alia, has considered and accorded the following:

1. Board has decided and approved the bonus issue and approved a 1:1 Bonus ratio.

2. Board has decided to call-off the preferential issuance of shares due to the prevailing market conditions.

3. Board has reviewed the ongoing merger / amalgamation process of M/s. Reliable Papers (India) Pvt. Ltd, M/s. Opel Paper Mill Pvt. Ltd, M/s. Prime Industries and decided to request the exchange for an early clearance of the merger / amalgamation in-principle approval.