Network Board Meeting on Oct 20, 2007 to consider issue of securities

Network Ltd has announced that a meeting of the Board of Directors of the Company will be held on October 20, 2007, inter alia, to transact the following:

1. Consider the allotment of upto 660000 Equity Shares of Rs 10/- each at a premium of Rs 40/- each to Paliwal Infrastructures Pvt Ltd in lieu of 660000 Warrants allotted on September 07, 2007 at a price of Rs 50/- each. The Company has received respective amount of Rs 3.30 crores from Paliwal Infrastructures Pvt Ltd in lieu of equity shares to be allotted.

2. Consider the allotment of upto 500000 Equity Shares of Rs 10/- each at a premium of Rs 40/- each to Paliwal Overseas Pvt Ltd in lieu of 500000 Warrants allotted on September 07, 2007 at a price of Rs 50/- each. The Company has received respective amount of Rs 2.50 crores from Paliwal Overseas Pvt Ltd in lieu of equity shares to be allotted.

3. Consider the allotment of 220000 equity shares in lieu of 44000 0.01% Cumulative Optionally Convertible Preference Shares (OCPS) to San Share Shoppe Pvt Ltd. The Company has received intimation from San Share Shoppe Pvt Ltd that they will also exercise the option to get 44000 OCPS converted into equity shares and option for remaining 317000 OCPS may be exercised by them at their option within 18 months from the date of allotment of OCPS as per terms and conditions of issue of OCPS.

4. Consider the Investment of the funds of the Company in the Share Capital of proposed Companies "NETWORK RETAIL LTD" and "NETWORK REALTY VENTURES LTD" being promoted by the Company.

5. Consider the Investment of the funds of the Company in the Equity Shares of Appu Ghar Infrastructures and Developers Pvt Ltd., a Company setting up a commercial complex at KHARAR, Greater Mohali (Punjab).

Source : Equity Bulls

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