Valecha Engineering - Outcome Of Board Meeting

Valecha Engineering Ltd has informed that the Board of Directors of the Company at its meeting held on January 11, 2008, has decided to issue Convertible Warrants into Equity Shares on Preferential basis to the following Promoters / Promoter group and other investors upto 19,00,000 warrants at a price not lower than the minimum price specified as per SEBI Guidelines for Preferential Issue under SEBI (Disclosure and Investor Protection) Guidelines, 2000 but not less than Rs 322/- per equity share.

A. PROMOTERS / PROMOTER GROUP

1. Valecha Investments Pvt Ltd : 12,70,000 Number of Warrants to be allotted

2. Mr. Vasudev P Valecha : 15,000 Number of Warrants to be allotted

3. Mrs. Lata V Valecha : 10,000 Number of Warrants to be allotted

4. Mr. Ramchand H Valecha : 10,000 Number of Warrants to be allotted

5. Mr. Prakash H Valecha : 15,000 Number of Warrants to be allotted

6. Ms. Pooja R Valecha : 5,000 Number of Warrants to be allotted

B. INDEPENDENT DIRECTORS

- Mr. Arvind M Thakkar : 20,000 Number of Warrants to be allotted

C. OTHER ENTITIES

1. Sha InvestCo (India) Pvt Ltd : 4,15,000 Number of Warrants to be allotted

2. Praxis Advisors Pvt Ltd : 20,000 Number of Warrants to be allotted

3. Mrs. Honey A Harish : 20,000 Number of Warrants to be allotted

4. Mr. K S Shetty : 15,000 Number of Warrants to be allotted

5. Mr. A B Gogate : 15,000 Number of Warrants to be allotted

6. Mr. S B Watve : 15,000 Number of Warrants to be allotted

7. Mr. S N Kavi : 15,000 Number of Warrants to be allotted