Network to issue warrants, open more SWISS JUNCTION stores

Network Ltd has announced that the Board of Directors of the Company at its meeting held on July 28, 2007, has considered and approved the following:

1. The Board also considered and approved the following items subject to the approval of members in ensuing Annual General Meeting of the Company:

i) Re-appointment of Mr. Aman Sawhney as Manager of the Company in terms of Section 2 (24) of the Companies Act, 1956 w.e.f. August 21, 2007.

ii) Issue upto 74,50,000 warrants on preferential basis to non-promoters at a price not less than Rs 50/- each carrying a right to subscribe to equal number of equity shares in one or more tranches as per applicable guidelines as per following details:

A. Paliwal Infrastructure Pvt Ltd : 2000000 No. of Warrants (upto)
B. Paliwal Overseas Pvt Ltd : 1500000 No. of Warrants (upto)
C. Ashok Sawhney & Sons (HUF) : 1900000 No. of Warrants (upto)
D. Mr. Ravi Madan : 1450000 No. of Warrants (upto)
E. Mr. Rikeen Dalal : 600000 No. of Warrants (upto)

iii) Issue of Zero coupon Non-Cumulative Redeemable Preference Shares (NCRPS) upto Rs 500 Lacs of Rs 100/- each to PPS Towers Pvt Ltd., in one or more tranches to meet the working capital requirements normal capital expenditure of the Company.

3. The Board has decided to expand the operations of the existing life style products by setting up more SWISS JUNCTION stores and has also taken decision to make strategic investment(s) in the area of Hospitality & Value Added Real Estate Projects. The Board is hopeful of finalizing some deals / proposals in near future.

Source : Equity Bulls

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