The Board of Directors of the Company in their meeting held today at the registered office of the Company which commenced at 12:00 P.M. and concluded at 12:30 P.M., inter alia approved the allotment of 48,02,732 Equity Shares of the Company of face value of Rs. 2/- each, at a premium of Rs. 13.10/- per share, pursuant to the exercise and conversion of 48,02,732 convertible warrants against receipt of the balance subscription amount of Rs. 11.325/- per warrant (i.e. 75% of the issue price).