Lakshmi Overseas - Board Meeting On Apr 13, 2007

Lakshmi Overseas Industries Ltd has informed that a meeting of the Board of Directors of the Company will be held on April 13, 2007, inter alia, to consider and approve allotment of 28,75,000 equity shares of Rs 2/- each at a premium of Rs 128/- per share to M/s. LOIL Health Foods Ltd - an entity belonging to the Promoters Group on conversion of 5,75,000 Convertible Warrants of Series-2 (convertible into equal number of equity shares of Rs 10/- each at a price of Rs 650/- per share equivalent to 28,75,000 equity shares of Rs 2/- each at a price of Rs 130/- per share) allotted to them by the Company on March 30, 2006.The Company has further informed that, 10% upfront amount (i.e. Rs 3,73,75,000/-) was received by the Company dated March 01, 2006 before the allotment of warrants as per SEBI guidelines. Balance 90% amount (i.e. Rs 33,63,75,000/-) has been received date April 04, 2007 alongwith request from M/s. LOIL Health Foods Ltd (an entity belonging to the Promoters Group) for conversion into equity shares.