Grabal Alok Impex to increase stake in Hamsard 2353 Ltd to 75%

Grabal Alok Impex Ltd has announced that the Board of Directors of the Company at its meeting held on January 31, 2007, inter alia, has considered / decided the following:

1. Increasing the Company's stake up to 75% in Hamsard 2353 Ltd, the UK retail chain from the present 26%.

2. The approval of expansion program totaling about Rs 150 crores, which will increase capacities to match global standards.
3. Issue of unsecured Foreign Currency Convertible Bonds as approved by the members on December 22, 2006 shortly.

Source : Equity Bulls

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