Kohinoor Broadcasting approves GDR / ADR issue

Kohinoor Broadcasting Corporation Ltd has announced that the Board of Directors of the Company at its meeting held on November 06, 2006, has decided to seek fresh approval of shareholders for issuance of the GDR / ADR to the tune of Rs 50 Crores. The board has opined that the earlier opinion sought in June 2005 needs up-dation as there had been significant developments since then. The Board of Directors has further authorized Sh. Mangal Singh, Managing Director, to issue notice for convening the Extra Ordinary General Meeting of Shareholders on December 04, 2006 to give effect to the above decision.

The Board of Directors has also taken on record the certificate issued by the Statutory Auditors of the Company in respect of pricing on conversion of the proposed GDRs.

Source : Equity Bulls

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