Board Resolution passed through Circulation for Allocation of sub-limits under Portfolio Investment for RFPIs (including QFIs and FIIs), NRIs and FVCIs etc – Defence Industry on 30 January 2015

This to inform that in accordance with Reserve Bank of India A.P. (DIR Series) Circular No. 46 dated 8 December 2014 on Foreign Direct Investment (FDI) in India – Review of FDI policy –Sector Specific conditions- Defence, the Board of Directors of the Company, by a resolution passed by circulation, accorded its consent, subject to the approval of shareholders, for

1) Allocation of sub-limits under Portfolio Investment for Registered Foreign Portfolio Investor/s (RFPIs) (including Qualified Foreign Investor/s (QFIs) and Foreign Institutional Investor/s (FIIs)), Foreign Venture Capital Investor/s (FVCIs) and Non Resident Indian/s (NRIs), subject to the condition that:

a) the total holding of all RFPIs (including QFIs and FIIs) and FVCIs put together shall not exceed aggregate limit of 20%; and

b) the total NRIs holding shall not exceed 4%;

within the default portfolio investment limit of 24% of the paid-up equity share capital of the Company or such other maximum limit as may be prescribed from time to time.

2) To seek approval of the shareholders for the above said matter, through Postal Ballot.

Further, the Board of Directors has also appointed Mr Mahadev Tirunagari, Practicing Company Secretary, to act as the Scrutinizer for conducting the Postal Ballot process.