IOL Broadband Ltd has announced that the Board of Directors of the Company through circular resolution passed on January 31, 2008, have approved the allotment of 365,500 warrants to Virag Credit & Holding Pvt Ltd at a price of Rs 576/- (including premium of Rs 566/- per share), in accordance with chapter XIII of SEBI (Disclosure & Investor Protection) Guidelines, 2000.