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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.

Era Financial Services India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 09, 2008, has in principal approved the merger of M/s. Era Landmarks (India) Ltd; a Company of real estate sector with the company subject to necessary approvals.

Further Board has decided to meet again on July 12, 2008 to decide various modalities including deciding the swap ratio of Shares.