Outcome of board meeting of Rainbow Papers

At meeting held on 12 August 2015

Rainbow Papers announced that the Board of Directors of the Company at its meeting held on 12 August 2015, inter alia, has transacted the following:

1. Indrasinh B. Zala has been appointed as an additional director on the Board of the Company, pursuant to the provisions of Section 149 & 151 of the Companies Act, 2013 and subsequently as Independent Director on the Board of the Company for a period of 3 years subject to approval of the shareholders in general meeting, in terms of Section 149(4) of the Companies Act, 2013 read with clause 49 of the Listing Agreement.

2. The Board of Directors has reconstituted various committees.

3. The dividend recommended by the Board of Directors @Rs. 0.20 per Equity Share of Rs. 2/-each at its meeting held on 29 May 2015, has been revoked by the Board of Directors as the permission has not been granted by the Lending Banks/Financial Institutions for the same.

4. The Board of Directors has, subject to necessary approval from shareholders in General Meeting, decided to raise long term funds upto an amount of US$ 250 million in one or more trenches through issue of Non convertible debentures (NCD), Bonds or any other financial instrument.

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