NIPPONDENR

Industrial Development Bank of India Ltd has informed the Exchange that they have acquired 15,27,00,000 shares aggregating to 12.49% of the total paid up capital of Ispat Industries Ltd on April 08, 2006. The mode of acquisition is by way of Conversion of interest and the shareholding of Industrial Development Bank of India Ltd after the said acquisition is 15,27,00,000 shares aggregating to 12.49% of the total paid up capital of Ispat Industries Ltd.

Ispat Industries Ltd. has informed the Exchange that at the meeting of the BoDs of the Company held on March 08, 2006, it has been decided to issue Foreign Currency Convertible Bonds (FCCBs) aggregating upto US$ 125 million, subject to further requisite approvals/consents.

Ispat Industries Ltd. has informed the Exchange that:- (a) At the meeting of the Committee of BODs of the Company held on December 24, 2005, the revision in Equity Share Capital of the Company, pursuant to the Scheme of Reconstruction and Amalgamation sanctioned by the Hon'ble High Courts of Calcutta and Bombay (which Scheme has since become effective from October 26, 2005), has been considered and noted. In terms of the said Scheme, 40% of the existing Equity Share Capital of the Company stands converted into 0.01% Cumulative Redeemable Preference Shares (0.01% CRPS) of Rs.10/- each. Accordin

(b) Further, at the said meeting, the Committee has also made the following allotments, in terms of the aforesaid Scheme of Reconstruction and Amalgamation: - (i) 22,02,00,000 Equity Shares of Rs.10/- each at par to the Promoters of the Company. (ii) 8,68,00,000 - 0.01% CRPS of Rs.10/- each at par to the Promoters of the Company. (iii) 24,17,79,890 Equity Shares of Rs.10/- each at par to the Lenders of the Company towards conversion of Rupee Term Loans amounting to Rs.241,77,98,900/-. (iv) 34,49,08,141 Equity Shares of Rs.10/- each at par to the Equity Shareholders of erstwhile Ispat Metallic

Ispat Industries Ltd. has informed the Exchange that a meeting of the Committee of Directors of the Company is convened to be held on December 24, 2005, to consider allotment of shares pursuant to Scheme of Reconstruction and Amalgamation, which has become effective from October 26, 2005.

Ispat Industries Ltd. has informed the Exchange that the Company have commissioned a Sinter Plant of the capacity of 2.24 million tons per annum. The Sinter Plant is located at the Company's works at Dolvi, District - Raigad, Maharashtra. The Sinter Plant will enable reduction in operating costs due to replacement of iron bearing raw materials by sinter.

Ispat Industries Ltd. has informed the Exchange that the auditor's have conducted the limited review for the un-audited financial results for the quarter and half year ended September 30, 2005 and the details of the same are available on the NSE website (http://www.nseindia.com) under Corporates > Latest Announcements and on the Extranet Server (/Common/CorporateAnnouncements).

Members of the Exchange are hereby informed that the trading in equity shares of Ispat Industries Ltd. shall be suspended w.e.f. December 08, 2005 (i.e. closing hours of trading on December 07, 2005) on account of Scheme of Reconstruction and Amalgamation.

Ispat Industries Ltd. has informed the Exchange that the Scheme of Reconstruction and Amalgamation has become effective from October 26, 2005. The said Scheme, interalia, contemplates the following :- (A) Reconstruction of Capital of Ispat Industries Ltd. (IIL) Reconstruction of Capital of Ispat Industries Ltd. comprises the following :- (a) Reduction of existing 692590311 Equity Shares of Rs. 10/- each by 40% i.e. by 277036125 Equity shares of Rs. 10 /- each. (b) Issue of 277036125 - 0.01% Cumulative Redeemable Preference Shares (0.01% CRPS) of Rs. 10/- each at par in lieu of the aforesaid r

Ispat Industries Ltd. has informed the Exchange that the Company has fixed December 15, 2005 as record date for the purpose of allotment of shares in terms of Scheme of Reconstruction and Amalgamation.

Ispat Industries Ltd. has submitted to the Exchange a copy of the proceedings of the AGM of the members of the company held on September 27, 2005. The details of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/CorporateAnnouncements).

Ispat Industries Ltd. has informed the Exchange that in terms of the Corporate Debt Restructuring (CDR) guidelines issued by Reserve Bank of India, various lenders had approved a CDR scheme to Ispat Industries Ltd as well as Ispat Metallics India Limited (IMIL). Pursuant to the provisions of the said CDR scheme, a Scheme of Reconstruction of Ispat Industries Ltd as well as IMIL and the amalgamation of IMIL with Ispat Industries Ltd was approved. The said scheme of reconstruction and amalgamation (hereinafter referred to as the 'Scheme') has also been approved by the respective companies' share

Ispat Industries Ltd. has informed the Exchange that the Register of Members of the Company will remain closed from September 15, 2005 to September 26, 2005 (both days inclusive) for the purpose of AGM of the Company to be held on September 27, 2005.

Ispat Industries Ltd. has informed the Exchange that ,upon being petitioned, the Hon'ble High Courts of Judicature at Calcutta and Bombay have, vide their separate orders of August 03 and August 05, 2005, respectively, sanctioned the scheme of reconstruction and subsequent amalgamation of Ispat Metallics India Limited with the Company, under the provisions of Sections 391 to 394 of the Companies Act, 1956. The said orders have been issued, however, on August 08, 2005 and August 11, 2005 respectively. The Company has further informed the Exchange that the aforesaid scheme of reconstruction and

Clarification of News : The press had reports on August 16, 2005 that a unit of Ispat Industries Limited, 'Global Steel Holdings Limited', has taken over Bulgaria's largest steel mill, Kremikovtzi. 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. Ispat Industries Limited has vide its letter inter-alia stated, "We wish to inform you that M/s Global Steel Holdings Limited is not a unit of our Company and our Company

Clarification of News : The press had reports that a unit of Ispat Industries Limited, 'Global Steel Holdings Limited', has taken over Bulgaria's largest steel mill, Kremikovtzi. 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 Ispat Industries Limited

Ispat Industries Ltd. has submitted to the Exchange a copy of the notice published in connection with Petition presented under section 391 (1) to 394 of the Companies Act, 1956 for confirmation of Scheme of Reconstruction and Amalgamation between Ispat Industries Limited and Ispat Metallics India Limited. A copy of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/CorporateAnnouncements).

Ispat Industries Ltd. has informed the Exchange that the Board meeting scheduled to be held on July 30, 2005, to consider the unaudited financial results for the quarter ended June 30, 2005, is being deferred to a subsequent date. However, the audited financial results for the quarter ended June 30, 2005 would be placed before the BOD of the Company during August 2005.

Members of the Exchange are hereby informed that the trading in the 10% Cumulative Optionally Convertible Debentures (Series-S5) of Ispat Industries Ltd. shall be suspended w.e.f. July 07, 2005 on account of part redemption.

Ispat Industries Ltd. has informed the Exchange that, effective June 30, 2005, Mr. Pramod Mittal, Chairman and Managing Director, has relinquished his office as Managing Director of the Company.Mr. Pramod Mittal shall,however, continue to remain on the BODs of the Company as Chairman. Barring the above there is no change in the composition of the BODs of the Company. Mr. V.K. Mittal continues to hold office as Managing Director of the Company.

Ispat Industries Ltd. has informed the Exchange that the Board of Directors of the Company at its meeting held on June 29, 2005 has not recommended any dividend for the financial year 2004-05.

Ispat Industries Ltd. has informed the Exchange that the auditors in their report on the company's accounts for the year ended March 31, 2004 had commented about their inability to ascertain the impact, if any, on the company's financial statements of certain inter-corporate deposits considered as recoverable and deferred tax asset recognized based on future profitability projections. The entire principal amount of inter-corporate deposits have been recovered during the year. The deferred tax asset at the beginning of the FY has been reversed during the year due to profits earned by the Compa

Ispat Industries Ltd. has informed the Exchange that the Record Date for the purpose of payment of interest along with the 2nd installment of redemption of the 10% Cumulative Optionally Convetible Debentures of Rs.100/- each (since reduced to Rs.66/- each, consequent to redemption of 1st installment), issued by the Company on Rights Basis, has been fixed as July 18, 2005.

Ispat Industries Ltd. has submitted the Exchange a copy of the Chairman's Report being in the nature of proceedings of the meetings of Secured Creditors, Preference Shareholders and Equity Shareholders held on May 25, 2005 to consider and approve the scheme of Reconstruction and subsequent Amalgamation of Ispat Metallics India Limited with the Company.The aforesaid meetings were held pursuant to the order of the Hon'ble High Court of Kolkatta passed on April 11,2005.The details of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements

News Verification : The press had reports on May 07, 2005 that Ispat Industries Limited has signed an agreement to buy 54.68% of Turkish steelmaker Izmir Demir Celik Sanayii AS. 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. Ispat Industries Limited has vide its letter inter-alia stated, "We wish to clarify that our Company has not signed any agreement to buy 54.68% of Turkish steelmaker, namely, "Izmir Demir Celi

News Verification : The press had reports May 07, 2005 that Ispat Industries Limited has signed an agreement to buy 54.68% of Turkish steelmaker Izmir Demir Celik Sanayii AS. 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 Ispat Industries Limited.

Ispat Industries Ltd. has submitted to the Exchange a copy of the newspaper publication released by the Company giving Notice convening separate meetings of Secured Creditors, Preference Shareholders and Equity Shareholders on May 25, 2005 for the purpose of considering the Scheme of Reconstruction and Amalgamation between Ispat Industries Limited(the "Applicant/Transferee Company") and Ispat Metallics India Limited(the "Transferor Company")and their respective members and creditors which, interalia, provides for reorganization of the capital of the transferee company and the transferor compa

Ispat Industries Ltd. has informed the Exchange that in respect of certain Terms Loans and Non Convertible Debentures subscribed to by the erstwhile Unit Trust of India (UTI) in the Company, UTI Asset Management Company Private Limited have, vide their letter of March 30, 2005, conveyed their agreement for settlement of outstanding dues thereagainst. The settlement of such debt has been approved by the BODs of the company at its meeting held on April 5, 2005. The Company has further informed that in terms of the aforesaid debt settlement, the up-front payment of Rs.55 crores has been made by

Ispat Industries Ltd. has informed the Exchange that the auditor's have conducted the limited review for the un-audited financial results for the Quarter and nine months period ended December 31, 2004 and the details of the same are available on the NSE website (http://www.nseindia.com) under Corporates > Latest Announcements and on the Extranet Server (/Common/CorporateAnnouncements).

Ispat Industries Ltd. has informed the Exchange that the auditor's have conducted the limited review for the un-audited financial results for the Quarter and half year ended September 30, 2004 and the details of the same are available on the NSE website (http://www.nseindia.com) under Corporates > Latest Announcements and on the Extranet Server (/Common/CorporateAnnouncements).

Ispat Industries Ltd. has informed the Exchange that the Record Date for the purposes of payment of interest for the period July 19, 2004 to January 18, 2005 on 10% Cumulative Optionally Convertible Debentures of Rs.100/- each, issued by the Company on Rights Basis, has been fixed as January 15, 2005.

Ispat Industries Ltd. has informed the Exchange that at the adjourned meeting of 3% Euro Convertible Bondholders held on November 18, 2004, the Bondholders have approved the restructuring of the outstanding Bonds aggregating to USD 122.16 Million together with unpaid interest of USD 14.66 Million upto March 31, 2004, aggregating in all to USD 136.82 Million (Total Outstanding Amount) to be settled at 25% of the Total Outstanding Amount and to be redeemed / paid in 5 quarterly installments from and including the date of the first redemption / payment. Consequent to the above, the settlement amo

Ispat Industries Ltd. has informed the Exchange that the adjourned meeting of the holders of 3% Euro Convertible Bonds has been convened on November 18,2004 for the purpose of considering the proposal for restructuring of such outstanding Euro Convertible Bonds as well as matters incidental or relating thereto.

Ispat Industries Ltd. has informed the Exchange that the meeting of the holders of 3% Euro Convertible Bonds convened on October 21, 2004 for the purpose of considering the proposal for restructuring of such outstanding Euro Convertible Bonds as well as matters incidental or relating thereto could not be held on the said date for want of requisite quorum.

Ispat Industries Ltd. has informed the Exchange that the auditors in their report on the company's accounts for the year ended March 31, 2004 had commented about their inablity to ascertain the impact, if any, on the company's financial statements of certain inter-corporate deposits considered as recoverable and deferred tax asset recognized based on future profitability projections. As per the management, all inter-corporate deposits (Rs.58.86 crores as on September 30, 2004) are fully recoverable and are expected to be recovered by March 31, 2005. As regards deferred tax asset, based on futu

Ispat Industries Ltd. has informed the Exchange that the BoD's of the Company at its meeting held on October 01, 2004, considered and approved a Scheme of Reconstruction and Amalgamation under Sections 391 to 394 of the Companies Act 1956. The salient features of the aforesaid Scheme are as under : 1) Implementation of the following provisions of the Corporate Debt Restructuring Scheme approved by the Company's Lenders : (a) Conversion of 40% of existing Equity Capital into 0.01% Cumulative Redeemable Preference Shares (CRPS) of the face value of Rs.10/- each amounting to Rs.277.04 crores. (b)

4) The appointed date for the amalgamation is April 01, 2004. The Scheme is subject to requisite consents(s), approval(s) of the requisite majority of the members and creditors of the Company and Ispat Metallics India Ltd., the Hon'ble High Courts at Kolkata and Mumbai and the permission or approval of the Central Government or any other statutory or regulatory authorities, which by law may be necessary for the implementation of the aforesaid scheme. Further, the Company has informed that consequent upon the aforesaid scheme of Reconstruction and Amalgamation becoming effective, the share capi

Ispat Industries Ltd. has informed the Exchange that a meeting of the holders of 3% Euro Convertible Bonds is being convened to be held on October 21, 2004 for the purpose of considering the proposal for restructuring of such outstanding Euro Convertible Bonds as well as matters incidental or relating thereto.

Ispat Industries Ltd. has informed the Exchange that Mr. K M Jaya Rao has been nominated as a Director by ICICI Bank Limited on the Board of the Company w.e.f. September 09, 2004 in place of Mr. V Prakash.