The meeting of the board was held today and the board approved (a) Allotment of 2,00,00,000 Equity Shares of Rs. 2/- each on a Preferential Basis at an issue price of Rs.3.20/- per Share to Mrs.P.Rajeswari, legal heir of Mr.P.C.Pantulu, ex-chairman & CEO of the company towards conversion of his Loan Dues. (b) Authorised Mr.P.Chandra Sekhar, MD & CFO to make necessary application for issuing, allotment, obtaining listing & trading permission and other compliances