Radhe Developers - Outcome of EGM

Radhe Developers India Ltd has informed that the members at the Extra Ordinary General Meeting (EGM) of the Company held on December 06, 2007, inter alia, have accorded the following:

1. Alteration in the Articles of Association of the Company by inserting the new Article after the existing Article 3 as Article 3A.

2. Authority to the Board to issue, offer and allot upto 1,05,00,000 (One Crore Five lakhs) convertible warrants (warrants), each warrant convertible at the sole option of the holder, in one of more trenches, within 18 (eighteen) months from its allotment date into 1 fully paid up equity share of the Company of face value of Rs 10/- each at an exercise price of Rs 18/- including premium Rs 8/- per share and the issue of fresh equity shares on the conversion of the warrants, on such further terms and conditions as may be finalized by the Board of Directors to the following persons in the Non-Promoter Category:

a. Mr. Udaybhai D Bhatt: 21,00,000 no of warrants

b. Mr. Shital P Shah: 21,00,000 no of warrants

c. Mr. Saurabh K Shah: 21,00,000 no of warrants

d. Mr. Prathmesh G Baboo: 21,00,000 no of warrants

e. Mr. Naimish Y Patel: 10,00,000 no of warrants

f. Mr. Rajendrasinh S Rathod: 11,00,000 no of warrants

3. Authority to the Board to issue, offer and allot upto 45,00,000 (Forty Five lakhs only) convertible warrants (warrants), each warrant convertible at the sole option of holder, in one of more trenches, within 18 (eighteen) months from its allotment date into 1 fully paid up equity share of the Company of face value of Rs 10/- each at an exercise price of Rs 18/- including premium Rs 8/- per share and the issue of fresh equity shares on the conversion of the warrants, on such further terms and conditions as may be finalized by the Board of Directors to Ms. Jahnavi Patel, one of the Promoters of the Company, subject to necessary provisions & approvals.