Gangotri Iron Board approves Right Issue

Gangotri Iron & Steel Company Ltd has informed BSE that the Board of Directors of the Company at its meeting held on December 13, 2007, has been decided to raise further capital by issue of Equity Shares on rights basis for an amount not exceeding Rs 15 crores. The Board has also constituted a Committee and delegated the necessary powers to the Committee to decide about the size, timing, basis of offer, premium and other modalities of the proposed rights issue. Further an Extra-Ordinary General Meeting of Shareholders has been called on January 11, 2008 for requisite approval.