Champagne Vineyards Ltd has informed BSE that the High Court of Judicature at Bombay has vide its order dated March 14, 2008 sanctioned the Scheme of Arrangement between Champagne Vineyards Ltd, Indage Hotels Ltd and Indage Vineyards Pvt Ltd.

Pursuant to the Scheme of Arrangement, the Company will issue 3,29,61,600 Equity Shares of Rs 3/- each to the Shareholders of Indage Hotels Ltd in the ratio of 8 (Eight) equity shares of Rs 3/- each for every 1 (One) equity share of Rs 10/- each.

Indage Hotels Ltd has fixed April 18, 2008 as record date for ascertaining the shareholders of Indage Hotels Ltd who are entitled for the said shares.

With the issue of these equity shares to the share holders of Indage Hotels Ltd as aforesaid, the issued and paid up capital of the Company will be Rs 11,19,59,400/- divided into 3,73,19,800 equity shares of Rs 3/- each.