NEPC Agro Board to raise funds for expansion, to set up hotel, residential bungalows

NEPC Agro Foods Ltd has announced that the Board of Directors of the Company at its meeting held on October 17, 2006 has adopted the new proposals and resolved as follows:

1. The Board noted that the Company already has an extent of almost 2,000 acres of Tea Garden lands under its cultivation. Out of the above acres, 200 acres of land surrounded by Tea Garden enjoy an elevated atmospheric environment which is situated at 5000 feet high above sea level. The Board felt that this is an ideal location for the Company to explore the possibility of developing this Property for tourism and travel opportunities to meet the needs of domestic and foreign tourists. After detailed discussions, the Board decided to adopt and prompt Eco Tourism within the Tea Garden area in large scale, first time in the Country.

2. The Board also proposed and resolved to construct 200 residential bungalows as well as put up a Five Star Hotel in 100 acres of lands within the Tea Garden area. For this purpose, it is proposed to engage consultancy of eminent property Developers and world-renowned five Star Hotel Chain Developers to develop the property in an efficient and aesthetic manner to fulfill and cater to the needs of growing tourism industry.

3. The Board noted that the above new lines of activities proposed by the Company would involve substantial requirement of funds. For this purpose, the Board considered the proposal of issue of preferential allotment of shares to meet the needs of new lines of business. As soon as plans for construction of residential bungalows and Five Star Hotel are firmed up in consultancy with the identified property developers the Board decided to come up with detailed proposals of issue of preferential allotment of shares to various agencies including FIIs, FCCBs, NRI / OCBs, etc.

Source : Equity Bulls

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