Era Financial Services India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 12, 2008, has approved a Composite Scheme of Arrangement between Era Landmarks (India) Ltd and Era E-Zone (India) Ltd, whereby the shareholders of Era Landmarks (India) Ltd will be given two equity shares of Era E-Zone (India) Ltd for every one Share held and post merger, there is a reduction of capital and face value of the equity shares of Era E-Zone (India) Ltd will be brought down from Rs 10/- to Rs 2/- per equity share, subject to necessary approvals.