Deccan Aviation to setup subsidiary for air cargo business, to issue shares on preferential basis

Deccan Aviation Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 30, 2006, inter alia, considered and approved in principle, the following:

1. Foray into Air Cargo Business through a wholly owned subsidiary and formation of a Company for the same.

2. Issue of 19,63,640 Equity Shares of Rs 10/- each which shall be 1.96% of post issue capital to Investec Bank (UK) Ltd on preferential basis, subject to approval of the Members.

Source : Equity Bulls

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