Outcome of board meeting of Axis Rail India

Held on 15 December 2015

Axis Rail India announced that the Board of Directors of the Company at its meeting held on 15 December 2015 has, inter-alia, transacted the following businesses:

1. In terms of the approval received from the shareholders, the existing Authorized Share Capital of Rs. 31,00,00,000/- (Rupees Thirty One Crores Only) divided into 3,09,00,000 (Three Crores and Nine Lacs) Equity Shares of Rs. 10/- each and 5000 (Five Thousand) 6% Redeemable Non-Cumulative Preference Shares of Rs.100/- (Rupees One Hundred Only) each and 5000 (Five Thousand) 6% Irredeemable Non-Cumulative Preference Shares of Rs. 100/- (Rupees One Hundred Only) each is reclassified into Rs. 6,95,00,000 (Rupees Six Crores and Ninety Five Lacs) divided into 69,50,000 (Sixty Nine Lacs and Fifty Thousand) Equity Shares of Rs. 10/- each and Rs. 24,05,00,000 (Rupees Twenty Four Crores and Five Lacs) divided into 2,40,50,000 (Two Crores Forty Lacs and Fifty Thousand) 7% Optionally Convertible Redeemable Preference Shares of Rs. 10/- each.

2. Issued and allotted 14,82,380 Equity Shares of face value of Rs. 10/- each and 24,014,556, 7% Optionally Convertible Redeemable Preference Shares of face value of Rs. 10/- each to the shareholders of K.V.R Rail Infra Projects in accordance with the Scheme of Amalgamation duly approved by the Hon'ble High Court of Judicature at Hyderabad for the States of Telangana and Andhra Pradesh.

3. In terms of the approval received from the shareholders and in-principle approval received from Stock Exchange, the Board has allotted 33,00,000 Fully Convertible Warrants of Rs. 10/- each to the persons belonging to the Non-Promoter Category in accordance with the provisions of SEBI (ICDR) Regulations, 2009.

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