Action Financial - Outcome of Board Meeting

Action Financial Services India Ltd has informed that the Board of Directors of the Company at its meeting held on March 25, 2008, has decided to allot 3,90,000 equity shares of Rs 10/- each at a premium of Rs 9.25 per share, pursuant to the conversion of 390000 out of 4,50,000 convertible warrants issued to the promoters which are eligible for conversion before March 31, 2008 in terms of resolution passed in the annual general meeting held on September 29, 2007.

Action Financial - Outcome Of Board Meeting

Action Financial Services India Ltd has informed that the Board of Directors of the Company at its meeting held on March 20, 2008, inter alia, has transacted the following:
1. It was resolved to redeem 1,01,200 Preference shares of Rs 100/- each.
2. It was decided to convert 3,90,000 convertible warrants into 3,90,000 equity shares of Rs 10/- each at a premium of Rs 9.25 per share, on written request received from the warrant holders of the Company opting for conversion of 3,90,000 convertible warrants out of 4,50,000 convertible warrants issued to the promoters which are eligible for conversion before March 31, 2008 in terms of resolution passed in the annual general meeting held on September 29, 2007.
3. To convene the Board Meeting on March 25, 2008 for allotment of equity shares on conversion of convertible warrants, subject to receipt of balance money payable on such convertible warrants.

Action Financial - Board Meeting On Mar 20, 2008

Action Financial Services India Ltd has informed that a meeting of the Board of Directors of the Company will be held on March 20, 2008, inter alia, to transact the following business:

1. To consider the conversion of warrants.

2. To consider the earlier redemption of preference shares.