ESSARGUJ

Essar Steel Ltd. has informed the Exchange that an EGM of the company will be held on January 15,2005 to transact the following business: 1)To issue equity shares/Compulsorily Convertible Preference Shares/Convertible Instruments upto an aggregate value of USD 500 million(or equivalent sum in Indian rupees) in the ratio of 75:25 to Promoters and Non-Promoters (upto USD 375 million to promoters and upto USD 125 million to Non Promoters). 2)To increase the authorized capital of the company from existing Rs. 5,000 crore to Rs.7,275 crores by addition thereto of 6,50,00,000 Redeemable Convertible

5) To authorize the BODs to make investments by way of purchase and acquisition of equity shares/preference shares/convertible instruments in Hy-Grade Pellets Limited(HGPL) from its existing holders, directly or through one or more subsidiaries or otherwise,upto an amount of USD 350 million(or equivalent sum in Indian rupees) not withstanding that the aggregate of investments and loans so far made in or be made in and guarantees so far given and securities so far provided to all bodies corporate exceed the limits laid down by the Act. 6) To authorize the BODs to make investments by way of