Syncom Formulations India Ltd has announced that the Board of Directors of the Company at its meeting held on October 09, 2006, has allotted 2,95,000 fully paid-up Equity shares of Rs 10/- each at a premium of Rs 44/- per share aggregating Rs 159.30 Lacs only to Shri Kedar Mal Bankda, the promoter/director of the Company on preferential basis.