ESTL

Clarification of News : The press had reports on September 05, 2005 that Essar Steel Limited is close to acquiring a 2.5 million tonne steel mill from INI Steel, South Korea. 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, "We would like to categorically state that the news report is factually incorrect and Essar Steel has not finalised any deal with INI St

Clarification of News : The press had reports that Essar Steel Limited is close to acquiring a 2.5 million tonne steel mill from INI Steel, South Korea. 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.

Essar Steel Limited has informed the Exchange that the Register of Members of the Company will remain closed from September 16, 2005 to September 17, 2005 (both days inclusive) for the purpose of determining the members on the date of the AGM of the Company, to be held on September 17, 2005.

Essar Steel Limited has informed the Exchange that the Board has decided in principle to merge Steel Corporation of Gujarat Ltd. (SCGL) and Hy-Grade Pellets Ltd. (HPGL), 100% subsidiaries of Essar Steel Ltd. with the company, w.e.f. April 01, 2005 subject to necessary formalities and approvals being completed / obtained.

Essar Steel Limited has informed the Exchange that Jupiter Capital Advisers Pvt. Ltd. has acquired 4,52,00,000 shares aggregating to 14.84% of the share capital of Essar Steel Limited on July 20, 2005. The mode of acquisition is pledge of shares and the shareholding of Jupiter Capital Advisers Pvt. Ltd. after the said acquisition is 4,52,00,000 shares aggregating to 14.84% of the share capital of Essar Steel Limited.

Jupiter Capital Advisers Pvt. Ltd.(Pledgee) has informed the Exchange that 4,52,00,000 shares aggregating to 14.84% of the total paid up capital of Essar Steel Limited have been pledged in their favour. The pledge was created on the dematerialized shares by marking as such on the NSDL depository on July 20,2005. The shareholding of Jupiter Capital Advisers Pvt.Ltd. after the said pledge is 4,52,00,000 shares aggregating to 14.84% of the total paid up capital of Essar Steel Limited.

Essar Steel Limited has informed the Exchange that a Board Meeting of the Company was scheduled to be held on July 11, 2005 for considering the financial results for the quarter ended June 30, 2005. However, due to heavy rains and floods in Gujarat, there has been a delay in finalisation of the accounts. In view of the above the aforesaid meeting of the BODs of the Company has been postponed. The company shall intimate separately the revised date in due course of time.

Essar Steel Limited has informed the Exchange that Essar Investments Ltd. has sold 9,330,743 shares aggregating to 3.07% of total share capital/voting rights of Essar Steel Ltd. on June 14,2005 and June 17, 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 Invesments Ltd. after the said sale is 71,077,972 shares aggregating to 23.35% of the total share capital/voting rights of Essar Steel Ltd..

Essar Steel Limited has informed the Exchange that Essar Holdings Pvt. Ltd. (formerly Chandrakaunsh Traders Pvt. Ltd.) has acquired 9,330,743 shares aggregating to 3.07% of total share capital/voting rights of Essar Steel Ltd. on June 14 and 17, 2005. The mode of acquisition is Interse transfer between Promoters u/r 3(1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, and the shareholding of Essar Holdings Pvt. Ltd. after the said acquisition is 54,347,904 shares aggregating to 17.85% of the total share capital/voting rights of Essar Steel Ltd.

Essar Steel Limited has informed the Exchange that Essar Holdings Pvt. Ltd. (formerly Chandrakaunsh Traders Pvt. Ltd.) has acquired 4,600,000 shares aggregating to 1.51% of total share capital/voting rights of Essar Steel Ltd. on June 14, 2005, and 4,730,743 shares aggregating to 1.55% of total share capital/voting rights of Essar Steel Ltd. on June 17, 2005. The mode of acquisition is through Interse transfer u/r 3(1) and the shareholding of Essar Holdings Pvt. Ltd. after the said acquisition is 54,347,904 shares aggregating to 17.85% of the total share capital/voting rights of Essar Steel Lt

Essar Holdings Private Limited has informed the Exchange that they have acquired 4,600,000 shares aggregating to 1.51% on June 14, 2005, and 4,730,743 shares aggregating to 1.55% on June 17, 2005, of the total capital/voting rights of Essar Steel Ltd. The mode of acquisition is Interse transfer u/r 3(1) and the shareholding of Essar Holdings Pvt. Ltd. after the said acquisition is 54,347,904 shares aggregating to 17.85% of total capital/voting rights of Essar Steel Limited.