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Indo Asian Fusegear Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 20, 2008, has approved the allotment of 19,00,000 Zero Coupon Convertible Warrants, each Warrant convertible into one equity share of Rs 10/- each at a price of Rs 130/- inclusive of premium in accordance with SEBI (DIP) Guidelines, 2000 on preferential basis by private placement to ‘promoters & other Body Corporate’ as under:

1. Promoter: M/s. Hitech Engineering Corporation through its partner Mrs. Richa Mahendru
No. of Warrants: 15,00,000

2. Other Body Corporate: M/s. Pinky Exhibitors Pvt Ltd
No. of Warrants: 4,00,000.

Indo Asian Fusegear Ltd has informed BSE that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on April 02, 2008, inter alia, to create, offer, issue and allot, in one or more trenches, up to 19,00,000 (Nineteen Lacs) Zero Coupon convertible Warrants, entitling the holder of each Warrant from time to time to apply and obtain allotment, of one equity share of Rs 10/- each against such warrant in one or more tranches in such manner and at such price inclusive of premium as to be determined in accordance with the SEBI (Disclosure and Investor Protection) Guidelines, 2000 on Preferential basis by private placement to the following, whether or not the existing members of the Company:

a. Up to 15,00,000 (Fifteen Lacs) Zero Coupon Warrants convertible into Equity shares to the “Promoter(s)” of the Company (which shall include the Promoter/Group Companies and the Directors of the Company)

b. Up to 4,00,000 (Four Lacs) Zero Coupon Warrants convertible into Equity Shares to such Bodies Corporate, Banks, Financial and Investment Institutions, Mutual Funds, Individuals and Investors, etc other than promoter(s) of the Company, as the Board, in its absolute discretion, may decide.

Indo Asian Fusegear Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 29, 2008, inter alia, have approved the following:

1. Issue of upto 19,00,000 Zero Coupon Warrants convertible into equity shares of Rs 10/-
each to Promoter(s) and other(s) at a price to be determined as per SEBI (DIP) Guidelines, 2000 on Preferential basis by private placement.

2. Convening of Extra Ordinary General Meeting of the Members for consideration of the proposed preferential issue to promoters on April 02, 2008.

With reference to the earlier announcement dated February 20, 2008 regarding the meeting of the Board of Directors of the Company will be held on February 29, 2008, Indo Asian Fusegear Ltd has now informed BSE that in the said announcement the Board has modified agenda item No 2. as follows:

“Preferential issue of Convertible Warrants to promoter(s) and other person(s) on preferential basis by private placement as per SEBI (DIP) Guidelines, 2000.”