Board of Directors of the Company, has considered and approved the allotment of 4,18,75,00,000 (Four Hundred Eighteen Crores and Seventy Five Lakh) of face value of INR 1.00/(Indian Rupees One only) each on preferential basis to persons belonging to Promoter &Promoter Group and Persons not forming part of the Promoter and Promoter Group ('Allottees') (as per the list enclosed marked as Annexure I), towards conversion of outstanding unsecured loan into equity shares to the extent of Rs. 6,70,00,00,000/- (Rupees Six Hundred Seventy Crores Only) at an issue price of INR 1.60/- (Indian Rupees One and Sixty paisa only) per share including a premium of INR 0.60/- (Indian Rupees Sixty Paisa only) - only per Equity Share.