Ansal Properties allots ROCD to HDFC Ventures Trustee Company Ltd

Ansal Properties & Infrastructure Ltd has announced that the Board of Directors of the Company at its meeting held on November 28, 2006, inter alia, has taken the following decisions:

1. Allotted 8,19,659 nos. of Zero Coupon Secured Redeemable Optionally Convertible Debentures (ROCD) of Rs 100/- each by way of Preferential Issue to M/s. HDFC Ventures Trustee Company Ltd ("HI-REF") at a price of Rs 610.01 per ROCD calculated pursuant to Securities Exchange Board of India (Disclosure and investor Protection) Guidelines, 2000 ("SEBI Guidelines")

2. Approved the draft of Placement Document for the purpose of issue of Equity Shares of the Company on Qualified Institutions Placement basis in terms of SEBI Guidelines pursuant to the approval granted by the shareholders on November 18, 2006.

3. Accepted the Valuation Report dated November 28, 2006 submitted by Knight & Frank India Pvt Ltd. ("K&F") regarding valuation of development, in respect of property, which is achievable by the Company. In the opinion of K & F the value of 5,504 acres or 170.5 million Sq ft. of built area is Rs 5232.70 crores as on November 01, 2006.

Source : Equity Bulls

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