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The Exchange has received the following disclosure under Regulation 7(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997:

Bhagawati Gases Ltd has informed BSE that Rotor-1 Ltd having registered office in Russia at 77-B Lenina Street, Kursk, a Russian Company with whom Bhagawati Gases Ltd has entered into Memorandum of Understanding in relation to the bids invited by Oil and Natural Gas Corporation Ltd (ONGC), has been awarded tender by ONGC for Low Frequency Passive Seismic Survey for detection of Direct Hydrocarbon in South Kadi Area of Western Onshore Basin in the state of Gujarat (India).

The Contract is valued at 885,300 US Dollars.

Bhagawati Gases Ltd has informed BSE that the Company has allotted 10,22,166 fully paid equity shares of nominal value of Rs 10.00 each, at par, aggregating to Rs 1,02,21,660 against conversion of 50% Zero Rate Optionally Convertible Loan of Rs 204.43 Lakhs amount into equity capital, to IFCI Ltd.

Consequent to the allotment, the paid up equity share capital of the Company has increased from Rs 15,72,02,930 consisting of 1,57,20,293 equity shares of Rs 10/- each to Rs 16,74,24,590 consisting of 1,67,42,459 equity shares of Rs 10/- each.

Bhagawati Gases Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 14, 2008, for the purpose of allotting 10,22,166 fully paid equity shares of the Company, of nominal value of Rs 10.00 each, at par, aggregating to Rs 1,02,21,660, in favour of IFCI, by conversion of 50% of Zero Rate Optionally Convertible Loan of Rs 204.43 lakhs amount into equity capital.