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Exchange Disseminated Time | Country Club India Ltd has informed BSE that the Board of Directors of the Company in their meeting held on December 19, 2008 and adjourned to December 20, 2008, inter alia, has resolved as follows:
1. The Board confirmed that despite adverse market conditions, the Company will successfully initiate into operation 9 new projects including 7 projects in 7 metropolitan cities in India across Chennai, Hyderabad, Pune, Ahmedabad, Kolkata, New Delhi, Mangalore, Lucknow and Mumbai in the coming 3 months.
2. The Board only as an enabling provision which will be valid for next 12 months, in principle approved further issuance of shares on rights basis. The rights issue will be at a premium to the current market price and if exercised will lead to a very small dilution. The Board reiterated that this issue is in its infancy and will only be exercised after discussions with stakeholders and investors and the Public.
3. The Board has contemplated the merger of the properties owned by associate Companies on which CCIL is currently operating. The Board reconfirmed that all stakeholders and investors will be communicated to effectively and their views will be given due importance before any decision is taken in line with CCIL Corporate Governance objectives. |
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