Bhagyanagar India to raise US$40 Million

Bhagyanagar India Ltd has announced that the Board of Directors of the Company at its Meeting held on July 23, 2007, inter alia, has transacted the following :

1.Sanctioned in principle approval to demerge the Auto Components, Refrigeration, Solar & Telecom business of the Company. A detailed scheme of arrangement shall be placed before the Board for approval at the next Board meeting scheduled to be held on August 03, 2007.

2.Issue of securities viz. Foreign Currency Convertible Bonds and / or Equity Shares (through Depository Receipt mechanism), viz. GDR / ADR's and / or QIP's and / or any other Financial Instruments for an additional US$ 50 million over and above US$ 40 million as approved by the Members at their meeting held on June 16, 2006 to be taken up by the Board for discussion after finalization of the scheme of arrangement as referred (1) above.

Source : Equity Bulls

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