Pioneer Investcorp - Outcome Of EGM

Pioneer Investcorp Ltd has informed that has informed that the members at the Extra Ordinary General Meeting (EGM) of the Company held on March 28, 2007, inter alia, have passed the following Special Resolutions: Authority to the Board to create, offer, issue and allot such number of stock options, to or for the benefit of such persons(s) as are in the employment of the Company, including Directors of the Company, as may be decided by the Board, at any time, as are convertible into not more than 20,00,000 equity shares of the Company under an Employee Stock Option Scheme titled as Pioneer Investcorp Ltd Equity Option Scheme 2007 (ESOP or Scheme or Plan) in one or more trenches at the price equal to the latest available closing market price per Equity Share of the Company at Bombay Stock Exchange Ltd. on the date prior to the date on which the ESOP Compensation Committee finalise the specific number of Options to be granted to the Employees and Directors of the Company but not lower than the face value of the Equity Shares of the Company that is Rs 10/- and on such terms and conditions as may be fixed or determined by the Board in accordance with the Guidelines or provisions of the law as may be prevalent at that time; each stock option shall be convertible into one equity share (of the face value of Rs 10/- per share) of the Company, subject to necessary provisions & approvals.