Pioneer Distilleries - EGM On May 05, 2007

Pioneer Distilleries Ltd has informed that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on May 05, 2007, inter alia, to transact the following:1. To create, issue, offer and allot to the promoter group members (which term shall include directors, promoter directors, their families, relatives, friends and associates) not exceeding 5,58,000 number of Equity Shares of the Company of the face value of Rs 10/- each at the premium of Rs 11/- per Equity Share, the price whereof is determined on the basis of the valuation report as prepared by M/s. Alapati Vadde & Co, Statutory Auditors in accordance with the provisions of Chapter XIII of SEBI (Disclosure and Investor Protection) Guidelines, 2000, subject to necessary provisions & approvals.2. To create, issue, offer, allot and deliver in one or more tranches on a preferential basis to promoter group members (which term shall include directors, promoter directors, their families, relatives, friends and associates) not exceeding 5,87,000 warrants, each warrant convertible into one equity share of the Company, of the face value of Rs 10/- each, for cash, which upon conversion shall rank pari passu in all respects with the existing equity shares of the Company, in such form and manner and upon such terms and conditions as the Board may in its absolute discretion deem fit, at a price of Rs 21/- per warrant, the price whereof is determined on the basis of the valuation report as prepared by M/s. Alapati Vadde & Co., Statutory Auditors in accordance with the provisions of Chapter XII of SEBI (Disclosure and Investors Protection) Guidelines, 2000, subject to necessary provisions & approvals.