IOL Chemicals - Outcome of EGM

IOL Chemicals & Pharmaceuticals Ltd has informed that the members at the Extra Ordinary General Meeting (EGM) of the Company held on June 16, 2007 have approved the issue of upto 15,00,000 Equity Shares of Rs 10/- each to the promoters and other promoters group entities as defined under the SEBI guidelines and upto 11,00,000 Equity Shares to M/s. Chamunda Traders Pvt Ltd, a non promoter entity at the premium of Rs 32 per share on preferential basis as per SEBI guidelines.