Cinerad Communications Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 21, 2008, has approved the issue of 75,00,000 warrants on preferential basis to M/s. India Emerging Capital Pvt Ltd, Promoter of the Company, in compliance with Chapter XIII of the SEBI (DIP) Guidelines, 2000, with each warrant convertible with in a period of 18 months from the date of allotment of warrants, at the option of the warrant holders, into one equity share of the Company of nominal value of Rs 10/- each at a price of Rs 14/- per share which includes a premium of Rs 4/- per share.

The Board of Directors of the Company has also approved the increase in authorized share capital of the Company from Rs 1000 Lacs to Rs 1500 Lacs and alteration in capital clause of Memorandum and Article of Association of the Company.

Further the Company has informed that, the Board has convened an Extra Ordinary General Meeting of the Shareholders of the Company pursuant to section 81 (1A) and other relevant provisions of the Companies Act & other rules & regulations, on June 21, 2008 for approval of the above mentioned items.