Shyam Star Gems Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 24, 2008, inter alia, has allotted 5,00,000 (Five Lacs) Convertible Equity Share Warrants to the following Promoters / Promoters Group on under mentioned terms and conditions:

1. Name of the Allottees & Identity (Promoters/Promoters Group): Indiraben J Bhansali
- Convertible Equity Share Warrants Allotted: 65,000

2. Name of the Allottees & Identity (Promoters/Promoters Group): Sanjay J Bhansali
- Convertible Equity Share Warrants Allotted: 65,000

3. Name of the Allottees & Identity (Promoters/Promoters Group): Nipa D Bhansali
- Convertible Equity Share Warrants Allotted: 55,000

4. Name of the Allottees & Identity (Promoters/Promoters Group): Devang J Bhansali
- Convertible Equity Share Warrants Allotted: 250,000

5. Name of the Allottees & Identity (Promoters/Promoters Group): Shefali S Bhansali
- Convertible Equity Share Warrants Allotted: 65,000

The said Equity Share Warrants are issued subject to the following terms and conditions:

i. The warrants shall carry a right to convert into Equity Shares at a price of Rs 135/- (including premium of Rs 125/- per share).

ii. On allotment of Share Warrants an amount equivalent to at least 10% of the price of Rs 135/- is payable.

iii. The amount paid on allotment of Warrants will be adjusted against the price payable subsequently for acquiring the shares by exercising the option.

iv. Such conversion to be effected at anytime within a period of one year from the date of Allotment.

v. The amount paid on allotment will be forfeited if the option to acquire shares is not exercised.