I S T Ltd to revalue land in Gurgaon, transfer it to Gurgaon Infospace Ltd for Rs.111 Crores

I S T Ltd has announced that the Board of Directors of the Company at its meeting held on December 02, 2006, has accorded their consent to the following:

1. To revalue the Company's land admeasuring 28 Acres, 4 Kanals & 19 Marlas situated in the revenue estate of Village Dundahera, Tehsil and District Gurgaon , Haryana at Rs 1,11,00,00,000 as per the circle rates notified by the Revenue Authorities, Haryana against the present book value of Rs 60,02,104. Consequent to revaluation, the difference between revalued amount and present book value amounting to Rs 1,10,39,97,896 will be transferred to Revaluation Reserve Account of the Company as per Accounting Standard - 10.

2. To transfer the aforesaid land to Gurgaon Infospace Ltd at a price of Rs 111,00,00,000/- in order to set up / develop / own or operate IT/ITES specific Special Economic Zone.

Source : Equity Bulls

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