Garnet Construction to raise 60 Million US $ through FCCB or preferential issue

Garnet Construction Ltd has announced that the Board of Directors of the Company at its meeting held on February 05, 2007, inter alia, has taken the following decisions:

1. To raise 60 Million US $ by way of Foreign Currency Convertible Bond or through preferential basis or through private placement among Qualified Institutional Buyers or through any other permissible mode available with the Company under various acts, guidelines and articles of association of the Company.

2. To call Extra Ordinary General Meeting of the Company for the same on March 12, 2007.

3. To increase the Authorised Share Capital of the Company.

Source : Equity Bulls

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