Elpro International Ltd has informed BSE that the circular resolution passed by the Board of Directors of the Company held on April 24, 2008, pursuant General body resolution passed through postal ballot as on April 04, 2008, the Company has received 10% of the consideration of warrants from all the investors. The Board of Directors to make note of this and approve the Circular Resolution in order to ensure allotment of Warrants to concerned investors.

“Pursuant to general body resolution dated April 04, 2008 approving issue and allotment of 11,00,000 warrants convertible into equivalent number of equity shares to strategic investors, approving the said issue of warrants and further on acknowledgement of receipt of 10% of the total consideration upfront received from the allotees as required by Chapter XIII Guidelines for Preferential Issues under SEBI (Disclosure and Investor Protection) Guidelines, 2000 as amended from time to time, 11,00,000 convertible warrants by allotted to the strategic investors as follows:

1. Mavi investment Fund Ltd - 4,40,000 Warrants

2. Elara India Opportunities Fund Ltd - 4,40,000 Warrants

3. India Max Investment Fund Ltd - 2,20,000 Warrants

at an issue price of Rs 611. The said warrants shall be convertible any time within 18 months from the date of allotment at the option of the warrant holder.”