Nava Bharat - Outcome Of Board''s Committee Meeting

Nava Bharat Ventures Ltd has informed that the Boards Committee (Allotment Committee) at its meeting held on March 17, 2007, has made an allotment of 9,12,000 equity shares of Rs 2/- each at a premium of Rs 93/- per share aggregating to Rs 8,66,40,000/- fully paid up to M/s. Malaxmi Dwellings Pvt Ltd (Promoters / Persons Acting in Concert with the Promoters) on exercise of 9,12,000 warrants issued to them at a conversion price of Rs 95/- per warrant, on preferential basis.As per the terms of the warrants issued on preferential basis, exercise of each warrant entitled to the warrant holder to receive one equity share of the face value of Rs 2/- on exercise of warrant, at a premium of Rs 93/- per equity share.The existing paid up equity share capital of the Company (Pre-issue) of 66787475 equity shares of Rs 2/- each now has become (Post issue) 67699475 equity shares of Rs 2/- each.