Alchemist Realty Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on June 23, 2008, have approved the issue of 38,00,000 Convertible Warrants of face value of Rs 2/- each to "M/s. KDS Corporation Pvt Ltd", promoters as per provisions of the SEBI (DIP) Guidelines for preferential Issue.