Greycells Entertainment Ltd has informed BSE that pursuant to the resolution passed by the shareholders of the Company at the EGM held on March 25, 2008 for acquisition of 100% shareholding in EMDI (Overseas) FZ-LLC by way of combination of equity share and cash consideration and approval from Government of India, Ministry of Finance, Department of Economic Affairs, FIPB Unit vide their letter dated May 28, 2008, the Company’s Board has at its meeting held on June 09, 2008 has allotted 5,40,000 Equity Shares to Mr. Nowshir Engineer jointly with Mrs. Mridula Engineer and Mrs. Piroja Engineer on preferential allotment basis.