This is a small step by step process that I have put up after reading your posts and going through the documentation. Would any one kindly go through and verify them and let me know if they seem ok or need any modifications
ALTER DATABASE ADD LOGFILE '/oracle/dbs/redo04.log' size 100M;
ALTER DATABASE ADD LOGFILE '/oracle/dbs/redo05.log' size 100M;
ALTER DATABASE ADD LOGFILE '/oracle/dbs/redo06.log' size 100M;
ALTER DATABASE ADD LOGFILE '/oracle/dbs/redo07.log' size 100M;
ALTER SYSTEM SWITCH LOGFILE; ( run this till SELECT GROUP#, STATUS FROM V$LOG; shows
all the older smaller logfiles ( redo01, redo02 and redo03 ) as INACTIVE )
ALTER DATABASE DROP LOGFILE MEMBER '/oracle/dbs/redo01.log';
ALTER DATABASE DROP LOGFILE MEMBER '/oracle/dbs/redo02.log';
ALTER DATABASE OPEN;
Rearrange logfiles so as to have them from number 01
alter database rename file '/oracle/dbs/redo05.log' TO '/oracle/dbs/redo01.log'
alter database rename file '/oracle/dbs/redo06.log' TO '/oracle/dbs/redo02.log'
alter database rename file '/oracle/dbs/redo07.log' TO '/oracle/dbs/redo03.log'