Elpro International Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 12, 2008, inter alia, has passed the following resolution:

- Pursuant to receipt of balance 90% of subscription money and a request letter from Mavi Investment Fund Ltd and in terms of section 81(1A) of the Companies Act and other applicable provisions, if any, of the Companies Act, 1956 and in accordance with the provisions of Articles of Association of the Company 440000 Convertible warrants of Mavi Investment Fund Ltd be converted into equivalent number of Equity shares of Rs 10/- (Rupees Ten Only) each at a premium of Rs 601/- (Rupees Six Hundred and One Only), shall rank parri passu to the existing shares of the Company.