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| Exchange Disseminated Time | Country Club India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 07, 2008, has approved the proposal to merge / acquire its associates Companies that own club / resort properties, as requested by its investors, in order to protect the interests of the 1,50,000 members and their families and shareholders. Consideration would be in the form of equity shares of the Company, based on an Independent valuer's reports. The Company intend to appoint reputed valuers for this purpose. The effective date of the transaction will be January 01, 2008. The Company, proposes to benefit from an additional 500 acres (approximately) as part of the above transaction, which the Company will utilise for country vacations and / or medical tourism. Further it has also been proposed that the clubbing and the country vacations business be distinctly aligned. In this regard it has been proposed that the revenues generated from the country vacations products be recognised in its subsidiary.
CCIL completed GDR and QIP issue in the month of January 2008 in which the Company's equity shares were valued at Rs 770 per share. |
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