Shyam Telecom at its board meeting held on August 08, 2006, has decided to transfer the shares of Shyam Telelink Ltd (Company's Subsidiary) to Shyam Basic Infrastructure Projects Pvt Ltd worth Rs 200 crore comprising of 20 crore equity shares of Rs 10 each.

The board has also decided to distribute 25,59,57,500 equity shares of Rs 10 each amongst the shareholders of the company.

The board has given consent to allot new shares after reduction of share capital and consolidation thereof in terms of the scheme.