Mcleod Russel India Ltd has announced that in connection with the proposed issue of shares by way of Qualified institutional Placement for an amount not exceeding Rupee equivalent of US $ 30 million, the Board of Directors of the Company at its meeting held on October 10, 2006, has approved the Draft Placement Document and appointed ICICI Securities Ltd, a Merchant Banker registered with the Securities & Exchange Board of India (SEBI) as the Lead Manager and sole Book Runner to the QIP issue.