The company has informed that Hon'ble High Court of Andhra Pradesh by its order dated 04/08/2004, has approved the Scheme of Arrangement between the company and M/s. Rain Industries Ltd., and their respective shareholders. Rain Commodities Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 20, 2007, inter alia, has reviewed the reports on share exchange ratio submitted by two Independent professional valuers Ernst & Young and Grant Thornton and approved the following: 1. Share exchange ratio of 2:7 i.e., Two Equity Shares of the Company will be allotted for every Seven Equity Shares held by the Shareholders in Rain Calcining Ltd as on the Record date that will be fixed consequent to the approval of the Scheme by the Hon'ble High Court of Andhra Pradesh. 2. Scheme of arrangement for (a) Transfer of Cement division from Rain Industries Ltd (Wholly Owned Subsidiary Company (WOS) to the Company (Holding Company) with effect from July 01, 2006 (appointed date), (b) Amalgamation of Rain Calcining Ltd with the Company with effect from April 01, 2007 (appointed date); and (c) Transfer of Calcined Petroleum Coke (CPC) and Power Business from the Company to Rain Industries Ltd with effect from April 01, 2007 (appointed date). The above decisions are subject to approval by the Shareholders of respective Companies, Lenders of respective companies, Hon'ble High Court of Andhra Pradesh, Stock Exchanges and other Regulatory Authorities. (As Per BSE Announcement Website Dated on 20/03/2007) Rain Commodities Ltd has informed BSE that the shareholders of the Company at their Court Convened Meeting held on June 04, 2007, have approved the Scheme of Arrangement between the Company, Rain Calcining Ltd & Rain Industries Ltd. (As Per BSE Announcement Website Dated on 05/06/2007)