Varun Shipping

Varun Shipping Company Ltd has informed that consequent to the exercise of option for conversion of 80,000 Optionally Fully Convertible Warrants (OFCWs), which were allotted on Preferential basis to Mr. Arun Mehta, Vice Chairman and Managing Director, the Committee of Directors at its meeting held on August 24, 2007 has issued and allotted 80,000 equity shares to Mr. Arun Mehta, at a price of Rs 75 per share (i.e. Rs 10 on capital account and Rs 65 on premium account).