Kreon Finnancial Services Ltd: Updates on Outcome of Board Meeting

Kreon Finnancial Services Ltd has informed BSE that pursuant to the approval by the members of the Company in the Annual General Meeting held on September 30, 2010, the Company have received 25% up front money from the following subscribers to the preferential warrant of the Company. The Board of Directors at its meeting held on January 31, 2011 approved the following allotment of preferential warrants bearing face value of Rs. 10 each @ Rs. 15/- each and allotted warrants to the following entities with an option of each warrant being eligible to be converted into on equity shares of Rs. 10/- each subject to exercise of such option by the warrant holders after the payment of due amount within a stipulated period of 18 months and complying with all regulation of the issue.

1. Name: Tatia Global Ventures Ltd.
- No. of Equity Warrant (Rs. 10 each): 2950000

2. Name: Subh Labh Infra Developers Pvt. Ltd
- No. of Equity Warrant (Rs. 10 each): 2094500

3. Name: Arul Projects And Services Pvt. Ltd
- No. of Equity Warrant (Rs. 10 each): 500000