Rei Agro to form 2 subsidiaries REI Retail Ltd and REI Foods & Beverages Ltd

Rei Agro Ltd has announced that the Board of Directors of the Company at its meeting held on October 31, 2006, inter alia, has transacted the following:

1. Approved the investment to its wholly owned subsidiary, proposed to be incorporated in the name of REI Retail Ltd, The Company has already obtained the approval for name availability from the office of ROC.

2. Approved the investment to its wholly owned subsidiary, proposed to be incorporated in the name of REI Foods & Beverages Ltd. The Company has already obtained the approval for name availability from the office of ROC.

3. Ratified and approved the Supplementary Agreement dated October 27, 2006 entered with Citibank N.A., Depository Receipt Services, New York in terms of the RBI Circular dated February 13, 2002 in connection with Two-way fungibility of GDRs which were issued earlier.

Source : Equity Bulls

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