Bhagwati Banquets - Outcome of Board Meeting : Board Meeting

Board Meeting News : Bhagwati Banquets - Outcome of Board Meeting

Saturday, 1 December '07

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Bhagwati Banquets & Hotels Ltd has informed that the Board of Directors of the Company at its meeting held on November 30, 2007, has unanimously approved the following:

1. To allot 75,63,600 (Seventy Five Lakh Sixty Three Thousand Six Hundred only) convertible warrants to promoters and strategic investors at the rate of Rs 82/- as per SEBI guidelines of preferential allotment or higher price which may be decided by shareholders in the Extra Ordinary General Meeting to be convened on December 31, 2007.

2. Authorised Capital of the Company to be increased to Rs 50 Crores.

3. Limit of investment by Foreign Institutional Investors (FIIs) to be Increased to 49%.

4. To call an Extra Ordinary General Meeting of the members of the Company on December 31, 2007, for approval of the above and other matters incidental thereto and to seek shareholders approval to raise further funds through any of the modes such as GDR / ADR / FCCB / QIP / Private Equity / Preferential Allotment up to an amount of Rs 200 Crores to meet with the capital expenditure requirements of the Company for future expansion plans.

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