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Fortune Financial Services India Ltd (”Manager to the Buyback”) on behalf of Goldiam International Ltd (”Target Company”) has issued this Public Announcement (”PA”) to the Shareholders / Beneficial Owners of the equity shares of the Target Company, pursuant to the provisions of Regulation 8(1) read with Regulation 15(c) of the Securities & Exchange Board of India (Buy Back of Securities) Regulations 1998, as amended and contains disclosures as specified in Schedule II to these Regulations.

The Target Company hereby announces the buy-back of its fully paid-up equity shares of the face value of Rs 10/- each (”equity shares”) from the owners of equity Shares of the Company (the “Buy-back”) from the Open Market through Stock Exchanges using the electronic trading facilities of the Bombay Stock Exchange Ltd (”BSE”) and the National Stock Exchange of India Ltd (”NSE”) (”the Stock Exchanges) pursuant to the provisions of Article 23A of the Articles of Association of the Company and in accordance with the provisions of Sections 77A, 77AA, 77B and all other applicable provisions if any, of the Companies Act, 1956 (the “Act”) and the Securities & Exchange Board of India (Buy-back of Securities) Regulations, 1998 as amended (the “Buy-back Regulations”) at a price not exceeding Rs 85 per equity share (”Maximum offer Price” / “Maximum Buy-back Price”) payable in cash, for an aggregate amount not exceeding Rs 93,752,317 (Rupees Nine Crores Thirty Seven lakhs Fifty Two Thousand Three Hundred Seventeen only) (”Offer Size”). The Offer Size represents 5.50% of the aggregate of the Company’s total paid-up equity share capital and free reserves of the Company as on March 31, 2007 (the date of the latest audited accounts)

The number of equity shares to be bought back would depend upon the average price paid for the equity shares bought back and the aggregate consideration paid for such equity shares bought back, subject to the maximum limit of Rs 5.50% of the total paid-up share capital and free reserves of the company. This is subject to further limit of 25% of the total paid up equity share capital of the Company in a financial year as stipulated in the Act. Moreover, the Board of Directors of the Company proposes to buy-back not more than 5.50% of the total paid up equity share capital of the Company i.e. 1,486,804 equity shares.

The buy-back of shares will be made at a maximum price of Rs 85/- which represents a premium of 52.34% to the closing price at BSE and 52.47% of the closing price at NSE on the date of the passing of the special resolution through Postal Ballot i.e. April 21, 2008.

Schedule of activities:

Board Meeting approving the Buy-back - February 25, 2008

Shareholders approving Buy-back through Postal Ballot - April 21, 2008

Date of commencement of the Buyback - May 07, 2008

Acceptance of Equity Shares - Within 15 days of the relevant payout days of the Stock Exchange.

Extinguishment of Equity Shares - Within 7 days of acceptance as above.

Last Date for the Buyback - December 31, 2008 (as approved by the members by way of Postal Ballot) or when the Company has completed Buyback to the extent of Rs 93,752,317/-, under the buyback or such other date as may be determined by the Company at anytime even if the maximum limit of Buy-back of shares has not been reached (by giving appropriate notice for such earlier date, if any) whichever is earlier.

Goldiam International Ltd has informed BSE that the members of the Company have passed the following resolutions as Special resolutions, with requisite majority, through the Postal Ballot Voting Process:

1. Buy-back of upto 5.5% of the equity share capital of the Company at a price not exceeding Rs 85/- (Rupees Eighty Five only) from the Open market through the Stock Exchanges subject to the aggregate consideration not exceeding Rs 93,752,317/- (Rupees Nine Crores Thirty Seven Lakhs Fifty Two Thousand Three Hundred and Seventeen only). The buy-hack offer will remain open upto December 31, 2008.

2. Alteration of the Objects to be pursued by the Company by inserting a new sub-clause relating to the development of infrastructure, residential, commercial, industrial etc. properties after the existing sub-clauses in Main Objects of the Memorandum of Association of the Company.

Goldiam International Ltd has informed BSE that the Company intends to publish Audited Financial Results for the year ended on March 31, 2008 within the stipulated period i.e. 3 months from the end of the financial year, instead of publishing the unaudited quarterly financial results before April 30, 2008.

Goldiam International Ltd has informed BSE that the members of the Company will consider to approve by way of Postal Ballot the following special resolutions:

1. To buy-back its fully paid-up equity shares of the face value of Rs 10/- each upto a limit not exceeding 5.5% of the existing paid-up share capital and free reserves of the Company i.e. upto a limit of Rs 93,752,317/- (Rupees Nine Crores Thirty Seven Lakhs Fifty Two Thousand Three Hundred and Seventeen only) at a maximum price not exceeding Rs 85/- (Rupees Eighty Five only) per equity share (”the buy-back”), subject to necessary provisions & approvals.

2. To altered Clause III(A) of the Memorandum of Association of the Company titled ‘THE MAIN OBJECTS OF THE COMPANY TO BE PURSUED BY THE COMPANY ON ITS INCORPORATION? by inserting sub-clauses 3A to 3D after the existing sub-clause 2 of Clause III(A) and renumbering existing sub clauses 3 to 63 as sub-clauses 4 to 64:

3A. To carry on the business of promoters, developers, co-developers, builders, creators, operators, owners, contractors and organizers of all and / or any kind of infrastructure facilities and services including roads, highways, ports, airports, airways railways, tramways, mass rapid transport systems, cargo handling equipments water supply and power generation, transmission and distribution systems, industrial estates, townships, bridges, green parks, public utilities, municipal services, clearing house agency and creation of like Infrastructure facilities and services viz. telecommunication, cell services, cable services and satellite communication, networking, information technology parks etc.

3B. To carry on the business of promoters, developers, co-developers, builders, creators, operators, owners, contractors and organizers of all and /or any kind of residential housing, colonies, factories, warehouses, educational institutions viz. schools, colleges and universities, places of worship, social amenities centres, entertainment and recreational facilities like parks, amusement parks, shopping centres and malls, hotels, motels, resorts, clubs, casinos, golf courses, water parks, sports complexes for indoor and outdoor games, health dubs, gymnasiums, medical facilities viz, clinics, hospitals and laboratories and medical college and other properties of any nature or description.

3c. To procure and adopt purchase or in any other manner acquire any right, title, interest, concession, license for building, operating or for any other purposes in any of the above infrastructure facilities, services and properties and to sell, lease, grant on hire any right, title, interest, concession, licenses, franchises, easement and / or otherwise dispose of in any manner whatsoever any such Infrastructural facilities, services and properties or any right, title, interest, concession acquired therein, to any person whether in India or abroad.

3D. To construct, erect, build, extend, repair, re-model, demolish, develop, purchase for investment or re-sale, acquire, take on lease or in exchange or in any lawful manner any area, land, buildings, houses, structures and other property wherever situated of any tenure and any Interest therein and to develop the same and dispose of or maintain or make advances upon the security of the same and maintain buildings, structures, houses, apartments, hospitals schools, places of worship, highways, roads, paths streets, sideways, courts, alleys, pavements end to build townships, bungalows, cottages, water houses, sheds, factories, farms, complex, markets, offices, educational centres like schools and colleges or buildings, residential and commercial, or conveniences thereon and to equip the same or part thereof with all or any of the amenities or conveniences, drainage facility, electric, telephonic, television installation and to deal with the same in any manner and advancing money to and entering into contracts and arrangements of all kinds with builders and for these purposes to purchase, take on lease or otherwise acquire and hold any lands and prepare lay-out thereon or buildings of any tenure or description wherever situate or rights or Interests therein or connected therewith.

The Board of Directors has appointed Mr. Rajnikant N Shah, Proprietor, M/s. R N Shah & Associates, Practicing Company Secretaries, as the Scrutinizer for conducting the Postal Ballot process in a fair and transparent manner.

The Postal Ballot form duly completed should reach the scrutinizer not later than the close of working hours on or before April 15, 2008. The Scrutinizer will submit his report to the Director authorised by the Board upon completion of the scrutiny of the Postal Ballots in a fair and transparent manner and the results of the Postal Ballot will be announced by such Director of the Company or the person authorised by him on April 21, 2008.

Goldiam International Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 25, 2008, inter alia, has approved the following items after due deliberations, subject to the approval of the shareholders through the Postal Ballot voting process:

1. Buy-back of upto 5.5% of the equity share capital of the Company at a price not exceeding Rs 85/- (Rupees Eighty Five only) from the Open market through the Stock Exchanges subject to the aggregate consideration not exceeding Rs 93,752,317/- (Rupees Nine Crores Thirty Seven Lakhs Fifty Two Thousand Three Hundred and Seventeen only). The buy-back offer will remain open upto December 31, 2008.

2. Alteration of the Objects to be pursued by the Company by inserting a new sub-clause to the Main Objects relating to the development of infrastructure, residential, commercial, industrial etc. properties after the existing sub-clauses in Main Objects of the Memorandum of Association of the Company.

The Board of Directors has appointed Mr. Rajnikant N Shah, Proprietor, M/s. R N Shah & Associates, Practicing Company Secretaries, as the Scrutinizer for the postal ballot voting process.

Goldiam International Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on February 25, 2008, to consider buy-back of equity shares of the Company and addition of development of infrastructure, residential, commercial, industrial etc. properties in the Main Objects of the Memorandum of Association of the Company.