Outcome of board meeting of Pradeep Metals

Held on 12 November 2014

Pradeep Metals announced that the Board of Directors of the Company at its meeting held on 12 November 2014, have taken the following decisions:

1. Decided, in principle, to install 2.1 MW Wind Power Plant for captive use at project cost of about Rs. 14 crore and invest about Rs. 16.80 crore in a joint venture to be formed in USA for acquiring a CNC Machine Shop. These will be financed from permissible bank loans and internal accruals.

2. Appointment of Rajeev Dixit as Chief Financial Officer of the Company.

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