Indiaco Ventures - Outcome Of Board Meeting

Indiaco Ventures Ltd has informed that the Board of Directors of the Company at its meeting held on April 25, 2008, inter alia, has transacted the following business:

1. The Board declared the result of voting of members conducted through postal ballot for the specific items of business which needs members approval. All the three items
of business got the approval of the members.

2. The Board considered and approved making an investment in M/s. Info Dynamics Telesystems Pvt Ltd, a Company engaged in providing Telecom Infrastructure Solutions.

3. The Board approved the formation of a Venture Capital Fund.

4. The Board approved the formation of a portfolio management services Company. Mr. Dhananjay Bendre, Executive Director of the Company has been authorized to start the procedure of formation of the Company or conversion of one of the group Company into a portfolio management services Company.

5. The Board authorized Mr. Dhananjay Bendre, Executive Director of the Company to evaluate investment opportunity in a stock broking Company.

Indiaco Ventures - Outcome Of Board Meeting

Indiaco Ventures Ltd has informed that the Board of Directors of the Company at its meeting held on January 22, 2008, has transacted the following business:

1. Considered the appointment of Mr. Vinayak Bhattacharjee, Head-Southern Europe of Barclays Global Investors Ltd., as an independent director on the Board of the Company and decided to defer it till the next Board meeting as the documentation in this regard is awaited to be received from him.

2. Approved the issuance of Warrants convertible into equity shares of Rs 10/- each on a preferential basis, subject to the approval of Shareholders to be obtained by way of postal ballot and also in accordance with the provisions of Section 81 (1A) of the Companies Act, 1956 and all applicable Guidelines & Regulations as laid down by SEBI / FEMA. The details of the issue are as under:

A. Name of the entity: Iaquavit Management Pvt. Ltd.

- Type of Company: Promoter Company

- No. of warrants: 112000

- Issue Price: Rs 650/- each

- Amount to be paid on application: 10% of the total amount

B. Name of the entity: Lupine Venture Pvt. Ltd.

- Type of Company: Non-Promoter Company

- No. of warrants: 28000

- Issue Price: Rs 650/- each

- Amount to be paid on application: 10% of the total amount

C. Name of the entity: Vinayak Bhattacharjee

- Type of Company: Non Promoter

- No. of warrants: 25300

- Issue Price: Rs 650/- each

- Amount to be paid on application: 10% of the total amount

Total No. of warrants: 165300.