SEL Manufacturing - Outcome Of Board Meeting

SEL Manufacturing Company Ltd has informed that the Board of Directors of the Company at its meeting held on April 09, 2008, has approved the allotment of 76,50,000 Convertible Equity Warrants at Rs 185/- each aggregating to Rs 1415.25 million. The details of the allottees are as under:

1. Name of the Allottee: Sophia growth-a share class of Somerset India Fund
No of equity warrants allotted: 2100000

2. Name of the Allottee: Matterhorn Ventures
No of equity warrants allotted: 2100000

3. Name of the Allottee: Sunspark Securities Pvt Ltd
No of equity warrants allotted: 1000000

4. Name of the Allottee: Master Trust Ltd
No of equity warrants allotted: 300000

5. Name of the Allottee: Mr. Dhiraj Saluja
No of equity warrants allotted: 1066851

6. Name of the Allottee: Mrs. Reema Saluja
No of equity warrants allotted: 1083149
Further the Company has informed that, 76,50,000 convertible equity warrants are convertible into equal number of equity shares of Rs 10/- each at a premium of Rs 175/- per share, at the option of the allottee(s), in such number of options exercised by the holder of such Equity warrants, in one or more lots, at the option of the holder of such Equity warrants, at any time, within a period, not exceeding eighteen months (18 months) from the date of issue of Equity warrants in accordance with SEBI (DIP) Guidelines.