"Disclaimer:

The letter issued by a Department of SEBI constitutes the views of the Department in respect of the particular case and under the facts and circumstances of the particular case and cannot be applied in general. The views expressed therein are not binding on the Board and shall not be construed as a conclusive decision or determination of any question of law or fact by SEBI. Such a letter cannot be construed as an Order made by the Board"

Deputy General Manager

Corporation Finance Department

Division of Issues and Listing

( (Board) : 22850451- 56 , 22880962 - 70 (Extn. : 367)

Fax : 22045633

Email :  neelamb@sebi.gov.in 

CFD/DIL/UR/ /2003

January 23, 2004

SBI Capital Markets Ltd.

202 Maker Tower E

Cuffe Parade

Mumbai 400 005

Kind Attn.: Mr.Vimal Bhutani, Vice President & Head (Capital Markets Group)

Dear Sir,

Reg.: Application under SEBI (Informal Guidance Scheme) 2003

With reference to your letter dated 15.1.2004 on the captioned matter, you are advised that para 2 under point no. 4 of our letter dated 14.1.2004 reads as under :

"It is observed that 3.9 crore shares are proposed to be issued and offered to ADB through preferential allotment prior to IPO but allotment will be made alongwith IPO allotment,. It is further observed that ADB would be subscribing to 3.705 crore shares at par and balance 0.195 crore shares at IPO price to be determined at Book Building process."

Yours faithfully,

Neelam Bhardwaj