Era Financial Services India Ltd: Outcome of Board Meeting

Era Financial Services India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 30, 2011, inter alia, has taken the following decisions, subject to the approval of shareholders:

1. Issue and allotment of a preferential basis, of 1,80,00,000 Convertible Warrants carrying a right to subscribe to equal number of Equity Shares of Rs. 10/- each in the Company on conversion within a period of 18 months from the date of allotment for cash to Non Promoter Entities.

2. Alternation of Object Clause of Memorandum of Association of the Company.

3. Carrying on of other objects mentioned at sub-clause 1-59 of clause III-(C) of the Memorandum of Association of the Company.

4. Conduct a Postal Ballot for the aforesaid purpose.