Delisting of Securities of Steelage Industries Ltd.

This is to inform that the securities of Steelage Industries Ltd. (Scrip Code No.513175) will be struck-off (delisted) from the list of Officially Quoted Securities with effect from Monday, the 20th May, 2002, pursuant to the compliance with Clause 21(3)(a) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulation 1997 by the Acquirers.

The Acquirers namely Gunnebo AB have agreed to provide an exit option to the existing shareholders at Rs.272/- per share at any time during one year from the date of delisting. The acquirers have made the arrangement with the company for providing exit option to the shareholders of the company. The shareholders who desire to opt for the exit option will have to send their shares to the Registered office addresses given below:

The Acquirers will be sending individual communications to the remaining shareholders detailing the procedure to be followed for tendering their shares.

The company has also agreed to resolve investor complaints (if any) pending and received hereafter for a period of one year from the date of delisting to the satisfaction of the Exchange.