KJMC Financial - Outcome of Board Meeting

KJMC Financial Services Ltd has informed that the Board of Directors of the Company at its meeting held on December 22, 2007, has approved the allotment of 2,20,500 Fully Convertible Warrants to be converted into equal number of Equity Shares on preferential basis to I C Jain, HUF, the person belonging to Promoter group at a price of Rs 23.19 per Fully Convertible Warrant being the price determined in accordance with SEBI (DIP) Guidelines for Preferential Issue in two tranches as under:

1. 1,44,200 Fully Convertible Warrants were allotted with an option to the allottee to exercise the right of conversion on or after April 01, 2008 but before March 31, 2009.

2. 76,300 Fully Convertible Warrants were allotted with an option to the allottee to exercise the right of conversion on or after April 01, 2009 but before the expiry of 18 months from the date of allotment of Warrants i.e. before June 21, 2009.

The Company has received upfront payment of 10% of the Issue price of Fully Convertible Warrants from the allottee being the subscription money towards the allotment of the aforesaid warrants.

The Shareholders of the Company have already consented to the aforesaid Preferential Issue at their Extra-Ordinary General Meeting held on December 08, 2007.