wrote ...

1. The Equity Shares and the CCPS are being offered for subscription for cash to those existing Equity
Shareholders of the Company whose names appear as beneficial owners as per the list to be furnished by the
depositories in respect of the Equity Shares held in dematerialized form and on the Register of Members of the
Company in respect of the Equity Shares held in physical form at the close of business hours on the Record Date,
i.e., November 5, 2007, fixed in consultation with the Designated Stock Exchange.

The eligible Equity Shareholders are entitled to the following:

• 1 Equity Share for every 5 Equity Shares held on Record Date; and


• 9 CCPS for every 10 Equity Shares held on the Record Date.

Fractional Entitlements

For Equity Shares being offered on a rights basis under this Issue, if the shareholding of any of the Equity
Shareholders is less than 5 Equity Shares or is not in the multiple of 5, the fractional entitlement of such holders
shall be ignored. Shareholders whose fractional entitlements are being ignored would be given preference in
allotment of one additional share each if they apply for additional shares

Terms of Payment

Full amount of Rs. 300 per Equity Share is payable on application.


The payment towards the Equity Shares offered will be applied as under:

Rs. 10 per share Towards Share Capital
Rs. 290 per share Towards Securities Premium Account

PRINCIPAL TERMS OF CUMULATIVE COMPULSORILY CONVERTIBLE PREFERENCE SHARES

Face Value

Each CCPS shall have the face value of Rs. 100
Entitlement Ratio

The CCPS are being offered on a rights basis to the existing Equity Shareholders of the Company in the
ratio of 9 CCPS for every 10 Equity Shares held as on Record Date.

Fractional Entitlement

For CCPS being offered on a rights basis under this Issue, if the shareholding of any of the Equity
Shareholders is less than 2 Equity Shares or not in the multiple of 10, the fractional entitlement of such holders
shall be ignored. Shareholders whose fractional entitlements are being ignored would be given preference in
allotment of one additional CCPS each if they apply for additional CCPS.

The CCPS proposed to be issued on a rights basis shall be listed and admitted for trading on the BSE and the
NSE for which the Company has made an application to NSDL and CDSL for allotment of ISIN

Option available to the Equity Shareholders

The CAF clearly indicates the number of Equity Shares and the CCPS that the Equity Shareholder is
entitled to.

If the Equity Shareholder applies for an investment in Equity Shares and/or CCPS, then he can:
• Apply for his entitlement of Equity Shares and/or CCPS in part;
• Apply for his entitlement of Equity Shares and/or CCPS in part and renounce the other part of the
Equity Shares and/or CCPS;
• Apply for his entitlement of Equity Shares and/or CCPS in full;
• Apply for his entitlement in full and apply for additional Equity Shares and/or CCPS.

Additional Equity Shares/CCPS

You are eligible to apply for additional Equity Shares and CCPS over and above the number of Equity
Shares or CCPS (as the case may be) you are entitled to, provided that you have applied for all the Equity Shares
and CCPS offered without renouncing them in whole or in part in favour of any other person(s). Applications for
additional Equity Shares and CCPS shall be considered and allotment shall be made at the sole discretion of the
Board, in consultation if necessary with the Designated Stock Exchange and in the manner prescribed under the
section entitled ‘Basis of Allotment' on page 327 of this Letter of Offer.

If you desire to apply for additional Equity Shares and CCPS, please indicate your requirement in the place
provided for additional shares in Part A of the CAF. The renouncees applying for all the Equity Shares and CCPS
renounced in their favour may also apply for additional Equity Shares and CCPS.

Where the number of additional Equity Shares/CCPS applied for exceeds the number available for
allotment, the allotment would be made on a fair and equitable basis in consultation with the Designated Stock
Exchange.

Renunciation
This Issue includes a right exercisable by you to renounce the Equity Shares and/or CCPS offered to you
either in full or in part in favour of any other person or persons. Your attention is drawn to the fact that the
Company shall not allot and/or register any Equity Shares/CCPS in favour of more than 3 persons (including
joint holders), partnership firm(s) or their nominee(s), minors, HUF, any trust or society (unless the same is
registered under the Societies Registration Act, 1860 or the Indian Trust Act or any other applicable law relating
to societies or trusts and is authorized under its constitution or bye-laws to hold Equity Shares and CCPS, as the
case may be).
Any renunciation from Resident Indian Shareholder(s) to Non-resident Indian(s) or from Non-resident
Indian Shareholder(s) to Resident Indian(s) or from Non-resident Indian shareholder(s) to other Non-resident
Indian(s) is subject to the renouncer(s)/renounce(s) obtaining the approval of the FIPB and/or necessary
permission of the RBI under the FEMA and such permissions should be attached to the CAF. Applications not
accompanied by the aforesaid approvals are liable to be rejected.Availability of duplicate CAF

In case the original CAF is not received, or is misplaced by the applicant, the Registrar to the Issue will
issue a duplicate CAF on the request of the applicant who should furnish the registered folio number/DP and
Client ID number and his/ her full name and address to the Registrar to the Issue. Please note that the request for
duplicate CAF should reach the Registrar to the Issue within 15 days from the Issue Opening Date. Please note
that those who are making the application in the duplicate form should not utilize the original CAF for any
purpose including renunciation, even if it is received/found subsequently. If the applicant violates any of these requirements, he/she shall face the risk of rejection of both the applications.

Application on Plain Paper

An Equity Shareholder who has neither received the original CAF nor is in a position to obtain the duplicate
CAF may make an application to subscribe to the Issue on plain paper, along with Demand Draft, net of bank and
postal charges payable at Mumbai which should be drawn ‘TSL Rights Issue-Equity' and/or ‘TSL Rights Issue-
CCPS' or TSL Rights Issue-Equity-NR' and/or TSL Rights Issue-CCPS-NR' and send the same by registered
post directly to the Registrar to the Issue.

The envelope should be superscribed "TSL-Rights Issue" and should be postmarked in India" The application on plain paper, duly signed by the applicants including joint holders, in the same order as per specimen recorded with the Company, must reach the office of the Registrar to the Issue before the Issue Closing Date and should contain the following particulars:

• Name of Issuer, being Tata Steel Limited
• Name and address of the Equity Shareholder including joint holders
• Registered Folio Number/DP and Client ID no.
• Number of Equity Shares held as on Record Date
• Number of Rights Equity Shares and CCPS entitled
• Number of Rights Equity Shares and/or CCPS applied for
• Number of additional Equity Shares and/or CCPS applied for, if any
• Total number of Equity Shares and/or CCPS applied for
• Total amount paid at the rate of Rs. 300 per Equity Share and Rs. 100 per CCPS
• Particulars of cheque/draft
• Savings/Current Account Number and name and address of the bank where the Equity Shareholder will
be depositing the refund order
• PAN, photocopy of the PAN card/PAN communication of the applicant and for each applicant in case
of joint names, irrespective of the total value of the Equity Shares and/or CCPS applied for pursuant to
the Issue.
• Representation that the equity Shareholder is not in the United States at the time of making the
application.
• Signature of Equity Shareholders to appear in the same sequence and order as they appear in the records of the Company

Please note that those who are making the application otherwise than on original CAF shall not be entitled
to renounce their rights and should not utilize the original CAF for any purpose including renunciation even if it is received subsequently. If the applicant violates any of these requirements, he/she shall face the risk of rejection of both the applications. The Company shall refund such application amount to the applicant without any interest thereon.

Last date of Application

The last date for submission of the duly filled in CAF is December 21, 2007. The Issue will be kept open for
a minimum of 30 (thirty) days and the Board or any committee thereof will have the right to extend the said date for such period as it may determine from time to time but not exceeding 60 (sixty) days from the Issue Opening
Date.

If the CAF together with the amount payable is not received by the Banker to the Issue/Registrar to the Issue
on or before the close of banking hours on the aforesaid last date or such date as may be extended by the Board/
Committee of Directors, the offer contained in this Letter of Offer shall be deemed to have been declined and the
Board/Committee of Directors shall be at liberty to dispose off the Equity Shares/CCPS hereby offered, as
provided under the section "Basis of Allotment".

INVESTORS MAY PLEASE NOTE THAT THE EQUITY SHARES AND CCPS OF THE COMPANY CAN BE TRADED ON THE STOCK EXCHANGES ONLY IN DEMATERIALIZED
FORM.

wrote ...
with reference to your mail we may inform you that the Right shares will be alloted on 21/01/2008.For more details you can contact Intime spectrum Registry Ltd.

Their contact details are:

Intime Spectrum Registry Ltd
C-13, Pannalal Silk Mills Compound
Bhandup West
Mumbai 400 078
Tel No   . 022-25960320 Toll Free Tel No        : 1800-22-0320
Fax No. : 022-25960329
Email id: -email-
Contact Person: Ms Awani Thakkar

OR

Intime Spectrum Registry Limited
203 Davar  House, 2ND Floor,
Next to Central Camera Building
D N Road, Fort  Mumbai-400001
Tel no   :  022-22694127
Email id: -email-
Contact Person : Mr. Vineet

Thanks and Regards,

For Investor Services Section
TSR DARASHAW LTD.
SPK

wrote ...


Dear Investor,

       You have alloted
   Equity        xxx sh
   CCPS        xx
   These shares will credited to your a/c in 2 days. (actual numbers  and name of investor with held )
Regards,
Nilesh Chalke.
Intimespectrum Registry Ltd
IPO-IRC

Tel :- 25960320-27
Fax no :- 25960328-29

Emailid :nilesh.chalke@intimespectrum.com