News Release

January 12, 1999

ICICI Limited has sold 70,700 equity shares, representing 2.14% of the equity capital of Delta Paper Mills Limited @ Rs.56.40 per share through the open offer.

ICICI Limited has also sold 37,347 equity shares, representing 6.51% of the equity capital of Andhra Pradesh Tanneries Limited @ Rs.10 per share through a negotiated sale.