ESSARGUJ

Essar Steel Ltd. has informed the Exchange that in terms of the special resolution passed by the members at the EGM held on January 15,2005, the Company has completed acquisition of 100% stake in Steel Corporation of Gujarat Ltd. and balance 51% stake in Hy-Grade Pellets Ltd. on June 06, 2005 for an aggregate consideration of USD 450 million. Both the Companies are now 100% subsidiaries of Essar Steel Ltd..

Essar Steel Ltd. has informed the Exchange that in terms of the special resolution passed by members at the EGM of the Company the Company has completed the issue, allotment and dispatch of certificates in respect of 8% Cumulative Compulsorily Convertible Preference Shares (CCPS) of Rs. 350/- each aggregating to USD 450 million (Rs. 1957.60 crores) to the Promoters and Non- Promoters in the ratio of 75:25 as under: 1.Essar Steel Holdings Ltd. Mauritius - Promoters - 41,948,523 2.Asia Steel Holdings Ltd. Mauritius - Non Promoters - 13,982,841 Each CCPS, unless earlier redeemed by the Company, i

Clarification of News : The press had reports on April 25, 2005 that that the High Court of justice, Queens Bench Division, Commercial Court of UK have decided a case against Essar Steel Limited filed by The Agro Fund Limited requiring company to pay the Fund $ 29.5 million with interest. The Exchange, in order to verify the accuracy or otherwise of the information reported in the press and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company. Essar Steel Limited has vide its letter inter-alia stated, "(1)The Company has f

Clarification of News : The press had reports that that the High Court of justice, Queens Bench Division, Commercial Court of UK have decided a case against Essar Steel Limited filed by The Agro Fund Limited requiring company to pay the Fund $ 29.5 million with interest. The Exchange, in order to verify the accuracy or otherwise of the information reported in the press and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company. Reply is awaited from Essar Steel Limited.

Members of the Exchange are hereby informed that the trading in equity shares of Essar Steel Ltd. shall be suspended w.e.f. April 25, 2005 (i.e. closing hours of trading on April 22, 2005) on account of Reduction of Share Capital.

Essar Steel Ltd has informed the terms of the scheme of re-organisation as provided in the scheme sanctioned by the High Court of Gujarat through its order dated February 28, 2005 and as approved by the members of the Company through Special Resolution passed at the 27th Annual General Meeting of the Company held on July 19, 2003,inter alia as below: 1. The Equity shares of Rs 10/- each shall stand cancelled as on the date of the order of the Jurisdictional High Court/ Tribunal is registered by the Registrar of Companies, Ahmedabad, in the ratio of four (4) Equity shares of Rs 10/- each out of

Essar Steel Ltd. has informed the Exchange that the company has fixed May 02,2005 as the record date for the purpose of reorganisation of equity share capital of the company as provided in the scheme sanctioned by the High Court of Gujarat.

Essar Steel Ltd. had informed the Exchange that the Committee of Directors (Shareholders Grievances) at the meeting held on March 31, 2005 had forfeited 44,61,757 Equity Shares of the Company due to non payment of the allotment / call monies. In this connection, the Company have now informed that the number of shares mentioned therein should be read as 45,20,703 equity shares instead of 44,61,757 equity shares.

Essar Steel Ltd. has informed the Exchange that Committee of Directors (Shareholders Grievances) at the meeting held on March 31, 2005 has forfeited 44,61,757 Equity Shares of the Company due to non payment of the allotment / call monies, in accordance with the terms of issue and Memorandum and Articles of Association of the Company and also pursuant to the final forfeiture notice dated January 21, 2005 sent to the shareholders.

Essar Steel Ltd. has informed the Exchange that Chandrakaunsh Traders Pvt. Ltd. have acquired 8,000,000 shares aggregating to 1.56% of the total share capital of Essar Steel Limited. The date of sale is is March 09, 2005 and the mode of sale is interse transfer u/r 3(1) of SEBI(Sunstantial Acquisition of Shares and takeovers)Regualtions,1997 . The shareholding of Chandrakaunsh Traders Pvt. Ltd. after the said acquisition is 75,028,602 shares aggregating 14.66% of the total share capital of Essar Steel Limited.

Essar Steel Ltd. has informed the Exchange that Chadrakaunsh Traders Pvt. Ltd. have acquired 11,000,000 shares aggregating to 2.15% of the total share capital of Essar Steel Limited. The date of acquisition is March 04, 2005 and the mode of acquisition is interse transfer between promoters u/r 3(1) of SEBI(Substantial Acquistion of Shares and Takeovers)Regualtions,1997.The shareholding of Chadrakaunsh Traders Pvt. Ltd. after the said acquisition is 67,028,602 shares aggregating 13.10% of the total share capital of Essar Steel Limited.

Essar Steel Ltd. has informed the Exchange that Essar Investments Ltd. has sold 11,000,000 shares aggregating to 2.15% of the total share capital of Essar Steel Limited. The date of sale is March 04, 2005 and the mode of sale is interse transfer between promoters u/r 3(1) of SEBI(Sunstantial Acquisition of Shares and takeovers)Regualtions,1997 .The shareholding of Essar Investment Ltd. after the said sale is 142,014,525 shares aggregating 27.75% of the total share capital of Essar Steel Limited.

Essar Steel Ltd. has informed the Exchange that Chadrakaunsh Traders Pvt. Ltd. have acquired 11,000,000 shares aggregating to 2.15% of the total share capital of Essar Steel Limited. The details of acquisition is as follows: (i) 5,500,000 shares on February 28, 2005, and (ii) 5,500,000 shares on March 01, 2005. The mode of aquisition is Interse transfer between Promoters u/r 3(1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and the shareholding of Chadrakaunsh Traders Pvt. Ltd. after the said acquisition is 39,528,602 shares aggregating to 7.72% of the total shar

Essar Steel Ltd. has informed the Exchange that Chadrakaunsh Traders Pvt. Ltd. have acquired 8,000,000 shares aggregating to 1.56% of the total share capital of Essar Steel Limited. The date of acquisition is March 03, 2005 and the mode of acquisition is by way of interse transfer u/r 3(1).The shareholding of Chadrakaunsh Traders Pvt. Ltd. after the said acquisition is 56,028,602 shares aggregating 10.95% of the total share capital of Essar Steel Limited.

Essar Steel Ltd. has informed the Exchange that Essar Investments Ltd. have sold 16,500,000 shares aggregating to 3.22% of the total share capital of Essar Steel Limited. The details of sale is as follows: (i) 8,500,000 shares on March 02, 2005, and (ii) 8,000,000 shares on March 03, 2005. The mode of sale is Interse transfer between Promoters u/r 3(1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and the shareholding of Essar Investments Ltd. after the said sale is 153,014,525 shares aggregating to 29.90% of the total share capital of Essar Steel Limited.

Essar Steel Ltd. has informed the Exchange that Chadrakaunsh Traders Pvt. Ltd. have acquired16,500,000 shares aggregating to 3.22% of the total share capital of Essar Steel Limited. The details of acqusition is as follows: (i) 8,500,000 shares on March 02, 2005, and (ii) 8,000,000 shares on March 03, 2005. The mode of sale is Interse transfer between Promoters u/r 3(1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and the shareholding of Chadrakaunsh Traders Pvt. Ltd. after the said acqusition is 56,028,602 shares aggregating to 10.95% of the total share capita

Essar Steel Ltd. has informed the Exchange that Essar Investments Ltd. have sold 11,000,000 shares aggregating to 2.15% of the total share capital of Essar Steel Limited. The details of sale is as follows: (i) 5,500,000 shares on February 28, 2005, and (ii) 5,500,000 shares on March 01, 2005. The mode of sale is Interse transfer between Promoters u/r 3(1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and the shareholding of Essar Investments Ltd. after the said sale is 169,514,525 shares aggregating to 33.12% of the total share capital of Essar Steel Limited.

Essar Investments Ltd. has informed the Exchange that they have sold 1,65,00,000 shares aggregating to 3.22% of the total share capital of Essar Steel Limited. The details of sale is as follows: (i) 8,500,000 shares on March 02, 2005, and (ii) 8,000,000 shares on March 03, 2005. The mode of sale is Interse transfer between Promoters u/r 3(1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and the shareholding of Essar Investments Ltd. after the said sale is 153,014,525 shares aggregating to 29.90% of the total share capital of Essar Steel Limited.

Chadrakaunsh Traders Pvt. Ltd. have informed the Exchange that they have acquired 16,500,000 shares aggregating to 3.22% of the total share capital of Essar Steel Limited. The date of acquisition is as follows : (i) 8,500,000 shares on March 02, 2005; and (ii) 8,000,000 shares on March 03, 2005. The mode of acquisition is by way of interse transfer between Promoters u/r 3(1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and the shareholding of Chadrakaunsh Traders Pvt. Ltd. after the said acquisition is 56,028,602 shares aggregating 10.95% of the total share capit

Essar Steel Ltd. has informed the Exchange that Chadrakaunsh Traders Pvt. Ltd. have acquired 55,00,000 shares aggregating to 1.07% of the total share capital of Essar Steel Limited. The date of acquisition is February 25, 2005 and the mode of acquisition is by way of interse transfer u/r 3(1) of SEBI(Substantial Acquisition of shares and Takeovers)Regualtions,1997. The shareholding of Chadrakaunsh Traders Pvt. Ltd. after the said acquisition is 28,528,602 shares aggregating 5.57% of the total share capital of Essar Steel Limited.

Chadrakaunsh Traders Pvt. Ltd. have informed the Exchange that they have acquired 55,00,000 shares aggregating to 1.07% of the total share capital of Essar Steel Limited. The date of acquisition is February 25, 2005 and the mode of acquisition is by way of interse transfer u/r 3(1). The shareholding of Chadrakaunsh Traders Pvt. Ltd. after the said acquisition is 28,528,602 shares aggregating 5.57% of the total share capital of Essar Steel Limited.

Essar Steel Ltd. has informed the Exchange that the Company has received a letter from Madras Stock Exchange Ltd. approving voluntary delisting of its shares from Madras Stock Exchange Ltd. in terms of the resolution passed by the Shareholders of the Company at the AGM held on August 07, 2004.

Essar Steel Ltd. has informed the Exchange that the Company has received a letter from The Stock Exchange, Ahmedabad, approving voluntary delisting of the Company's shares from The Stock Exchange, Ahmedabad in terms of the resolution passed by the Shareholders of the Company at the AGM held on August 07, 2004.

Essar Steel Ltd. has informed the Exchange that the Company has received a letter from Delhi Stock Exchange approving voluntary delisting of its shares from Delhi Stock Exchange in terms of the resolution passed by the Shareholders of the Company at the AGM held on August 07, 2004.

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

Essar Steel Ltd. has informed the Exchange that the Board in its meeting held on December 14,2004 decided to obtain approval of the members under Section 81(1-A) and Section 372A of the Companies Act,1956 for issue of Convertible Instruments overseas for an aggregate amount upto USD 500 million to fund potential acquisition of balance equity in Hygrade Pellets Ltd.(HGPL) and 100% equity in Steel Corporation of Gujarat Ltd.(SCGL).The proposed allotees of the aforesaid convertible instruments would be Prime Holdings Ltd., Mauritius(Existing Promoters) upto an amount not exceeding USD 375 Million

Clarification of News : The press had reports that Essar Steel Limited may come out with a buy-back/open offer and the promoters might shore up their holding in the company. The Exchange, in order to verify the accuracy or otherwise of the information reported in the press and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company. Essar Steel Limited has vide its letter inter-alia stated, "With reference to the above we have to state that the article published in the press is totally speculative in nature."