Krebs Biochemicals & Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on December 10, 2010 have decided to issue 3,33,333 Equity Shares to Mr. Avinash Ravi, Existing Promoter and Chief Operating Officer of the Company on preferential basis at the price calculated in accordance with the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009.

The said shares are being issued to the promoter in accordance with the CDR package sanctioned by the lenders.

The Company has further informed that the Board of Directors have decided to obtain the approval of members of the Company, for the proposed preferential issue, by way of postal ballot. The Board had appointed Mr. D. S. M. Ram, Proprietor of DSMR & Associates, Company Secretaries as scrutinizer for conducting the postal ballot.