Hydro S&S - Buy-back

Hydro S&S Industries Ltd has informed the market that the Board of Directors of the Company at its meeting held on September 16, 2008 has approved Buy Back of Equity Shares for an amount not exceeding Rs 2.63 Crores i.e.10% of the paid up share capital and free reserves aggregating to Rs 26.36 Crores based on the audited Balance Sheet as at March 31, 2008 at such price(s) not exceeding maximum buy back price of Rs 60/- per Equity Share under Open Market through Stock Exchange Method.

The above buyback is subject to the approval of the Shareholders to the proposed amendment in the Articles of Association for inclusion of the provisions of buy back of Company's own shares at the forthcoming Extraordinary General Meeting of the Company being convened on October 13, 2008.

The Board had also appointed M/s Keynote Corporate Services Ltd as Managers to the proposed Buy Back Scheme and also to appoint other intermediaries in this regard.