Karuturi Networks - Outcome of Board Meeting

Karuturi Networks Ltd has informed that the Board of Directors of the Company at its meeting held on July 14, 2007, has allotted 737500 equity shares to the following FCCB holders who have exercised the option of conversion:1. Name of the Bond Holder: Credit Suisse (Singapore) LtdNo of Bonds Surrendered for conversion: 5No. of equity shares allotted @ Rs 120/share: 184,3752. Name of the Bond Holder: Credit Suisse (Singapore) LtdNo of Bonds Surrendered for conversion: 5No. of equity shares allotted @ Rs 120/share: 184,3753. Name of the Bond Holder: Deutsche Bank AG LondonNo of Bonds Surrendered for conversion: 10No. of equity shares allotted @ Rs 120/share: 368,750.