Selan Exploration Technology Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 15, 2008 has approved a preferential allotment of upto 18,00,000 Zero Coupon convertible warrants at a price of Rs 165/- per warrants carrying a right to subscribe to equal number of equity shares in the Company on conversion within a period of 18 months from the date of allotment, in cash aggregating to Rs 29,70,00,000 to a combination of members, promoters and Person Acting in Concert, at a price of Rs 165/- per warrant(computed in accordance with SBI DIP Guidelines).