Sandesh approves business co-operation with Bennett coleman

Sandesh Ltd has announced that the Board of Directors of the Company at its meeting held on September 30, 2006, inter alia, has approved the Draft Business Co-Operation and Arrangement ("BCAA") Agreement with Bennett Coleman & Company Ltd ("BCCL"). This is expected to create business synergies for both BCCL and the Company.

Subject to approval of the shareholders in general meeting, the Board of Directors of the Company has approved the draft of the Shareholders Agreement and Share Subscription Agreement proposed to be entered into between the Company, its promoters and BCCL for the Preferential Issue of 10,37,714 Equity Shares of Rs 10/- each at an issue price of Rs 262.82 (including a premium of Rs 252.82 per share) per share by the Company to Bennett Coleman & Company Ltd on the terms & conditions mentioned in the said Agreements.

Approved the notice along-with the explanatory statement for convening an extra - ordinary general meeting of the members of the Company on October 30, 2006 to consider and approve the issue and allotment of the equity shares of the Company by way of preferential allotment to Bennett Coleman & Co. Ltd as stated above and consequent amendments proposed to be made to the Articles of Association of the Company.

Source : Equity Bulls

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