IOL Chemicals - Outcome of Board Meeting

IOL Chemicals & Pharmaceuticals Ltd has informed that the Board of Directors of the Company at its meeting held on June 23, 2007, inter alia, has approved the following:1. Allotment of 15,00,000 Equity Shares to M/s. Mayadevi Polycot Ltd (Promoter) and11,00,000 Equity Shares to M/s. Chamunda Traders Pvt Ltd (Strategic investor) face value of Rs 10/- each at the Price of Rs 42/- per share on Preferential basis.2. Re-appointment of Sh. Varinder Gupta as Managing Director of the Company.3. Issue of Securities to Qualified Institutional Buyers (QIBs) in accordance with the provisions of Chapter XIII A of SEBI (DIP) Guidelines,2000 for an amount not exceeding Rs 50 crores.