Neo Sack announces expansion plan through investment of Rs.100 crores

Neo Sack Ltd has announced that the Board of Directors of the Company at its meeting held on April 09, 2007, inter alia, has transacted the following:

The Company's expansion cum modernization plan involving an investment of around Rs 100 crores, the funding of which shall be arranged through one of the following:

FCCB / GDR / ADR / Preferential Allotment through QIBs, Promoters and persons other than promoters, Warrants or any other Equity linked instruments and / or through borrowings subject to necessary approvals.

Decided to change the name of the Company so as to reflect its true operations subject to necessary approvals.

The feasibility of acquiring / taking over potential units in India and overseas shall be examined by the Managing Director.

To foray into the education sector subject to necessary approvals.

Decided to initiate the steps to forfeit the shares on which the allotment / call money is due.

Source : Equity Bulls

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