1.	The company has recently completed a preferential allotment of 19,85,756 equity shares in favour of SEBI registered Foreign Institutional Investors (FIIs). The shares were allotted at the Board meeting held on 9 th June 2007.
2.	The Company is convening a Meeting of the Shareholders on Thursday, 2 nd August 2007 at 11:30 a.m at the Sunville Deluxe Pavilion, 9, Dr. Annie Besant Road, Worli, Mumbai- 400018 as ordered by the Honourable High Court, Mumbai for the approval of the Scheme of Merger between The Phoenix Mills Limited and Ashok Ruia Enterprises Pvt. Limited and the same shall be followed by an Extra- ordinary General meeting of the Company at 12:30 p.m.
3.	The Company is in the process of placement of shares in favour of Qualified Institutional Buyers (QIBs) under SEBI (Disclosure & Investor Protection) Guidelines 2000 (QIP issue) and has already received the In-principle approval from the Bombay Stock Exchange Limited as well as National Stock Exchange of India Limited on which the company is listed. The Preliminary Placement Document filed with both the stock exchanges is also placed on the website.
4.	Pursuant to the directions given by the Hon'ble High Court of Bombay under section 391 of the Companies Act, 1956, a meeting of the Equity Shareholders of the Company was held on August 2, 2007, for the purpose of considering and, if thought fit, approving with or without modification(s), the arrangement proposed to be made between the Company and the shareholders of the Company in the nature of amalgamation of Ashok Ruia Enterprises Private Limited with the Company (“the Scheme”). At the said meeting the equity shareholders have approved the Scheme without any modifications with the requisite majority. Further, in a separate Extraordinary General Meeting, pursuant to Section 78 and Section 100 of the Companies Act, 1956 the shareholders have also approved the utilization of Securities Premium account in the manner provided in the Scheme.
5.	The issue of Equity shares to Qualified Institutional Buyers by way of Qualified Institutions Placement under Chapter XIII-A of the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000 (“the SEBI Guidelines”) (“the issue”) has closed and the “QIP Committee” of the Board of Directors of the Company in the its meeting held on 31st July 2007 has approved the allocation of 49,00,000 Equity Shares having face value of Rs10/- each at a premium of Rs.1,990/- per equity share, thus aggregating Rs.980,00,00,000/- (Rupees Nine Hundred and Eighty Crores only) to the Qualified Institutional Buyers.