Country Club to raise USD 70 million

Country Club India Ltd has announced that the Board of Directors of the Company at its meeting held on December 09, 2006, inter alia, has approved the following:

1. Rising of Funds in the International offerings by way of FCCBs / GDRs / ADRs / other convertible securities to the tune of USD 470 Millions.

2. Issue of convertible warrants to the promoter(s) and / or outsiders at a price arrived at in line with the SEBI Guidelines.

3. Issue of Equity Shares and / or convertible instruments through Qualified Institutions Placement mechanism.

4. Convene the Extra-ordinary General Meeting of the Members of the Company.

Note: Further the Company has informed that, due to typographical mistake, the quantum of fund rising in the International offerings by way of FCCBs / GDRs / ADRs / other convertible securities had been mentioned as "USD 470 Millions" instead of "USD 70 Millions".

Source : Equity Bulls

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