Alchemist Realty Ltd has announced that the Board of Directors of the Company at its meeting held on July 04, 2008, has approved the allotment of 38,00,000 Equity Preferential Convertible Warrants to the Promoter M/s. KDS Corporation Pvt Ltd as were mentioned in the notice of the Extra-Ordinary General Meeting dated May 26, 2008 & consequent upon receipt of 10% upfront amount in advance.