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.

HEG - Outcome Of Board Meeting

HEG Ltd has informed that the Board of Directors of the Company at its meeting held on February 07, 2008, inter alia, has approved Preferential Issue of:

1. 60,00,000 Warrants of Rs 365/- each aggregating to Rs 2,19,00,00,000/ (Rupees TwoHundred Nineteen Crores Only) with option of conversion of each Warrant into OneEquity Share of Rs 10/- each within a period of 18 months from the date of issue andallotment to Promoters, Directors and Persons acting in concert, which includesAssociates, Relatives and Friends of such Promoters and Directors.

2. 3,40,000 Warrants of Rs 365/- each aggregating to Rs 12,41,00,000/- (Rupees TwelveCrores Forty One Lacs only) with option of conversion of each Warrant into OneEquity Share of Rs 10/- each within a period of 18 months from the date of issue andallotment to Employees of the Company, Group Companies and Associates Companies.

The above are subject to approval of the Shareholders in accordance with the SEBI (Disclosure and Investor Protection) Guidelines, 2000 for Preferential Issues as in force and subject to regulatory approvals if any.

Further the Company has informed that, the Extra Ordinary General Meeting for approval of the members for above matter is fixed for March 03, 2008.