In terms resolution passed through the postal ballot on May 05, 2014, receipt of in-principle approval from Stock Exchange vide their letter dated April 28, 2014 and the subsequent application by M/s. Krisma Investments Pvt Ltd. Greycells Education Ltd's Board has at its meeting held on May 13, 2014 issued and allotted 19,00,000 Equity Shares of Rs. 10/- each fully paid up to M/s. Krisma Investments Pvt Ltd, an entity belonging to promoter group of the Company on preferential allotment basis.