KLG Systel - Outcome Of Board Meeting

KLG Systel Ltd has informed that the Board of Directors of the Company at its meeting held on May 07, 2007, inter alia, has approved the following:1. Allotment of 42,900 fully paid up shares of Rs 10/- each at a premium of Rs 109.58 per share for cash to independent directors / employees of the Company on exercise of options granted on April 12, 2006 in accordance with KLG Employee Stock Option Scheme, 2005.2. The Board approved the scheme formulated by the Compensation Committee under KLG Employee Stock Option Scheme, 2007 for grant of options to employees / directors of the Company upto 300,000 options convertible into equal number of shares on vesting and exercise of options in accordance with the scheme after the in-principle approval of stock exchange. The approval for shareholders have already been taken in its Annual General Meeting held on September 08, 2006.