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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 September 01, 2011, inter alia, has transacted, the following business:
1. Recommended a Final Dividend of 5% i.e. Re. 0.10 each equity share of Rs. 2/- (Rupees Two Only) each fully paid - up equity share of the Company for the Financial Year 2010-11.
2. Taken note of the Valuation Certificate and the Share Exchange Ratio Certificate issued by M/s. M. Anandam & Co., Chartered Accountants for Amalgamation of M/s. Amrutha Estates & Hospitality Pvt Ltd with M/s. Country Club (India) Ltd.
3. After extensive discussion the Board of Directors of the Company have approved the Draft Scheme of Amalgamation of M/s. Amrutha Estates & Hospitality Pvt Ltd, Hyderabad with M/s. Country Club (India) Ltd Hyderabad, as it would add substantial Shareholder value for the following reasons:
(a) The addition of the prime property results in a large increase in the Asset base of the Company.
(b) Consolidation under one umbrella to increase room inventory significantly.
(c) The integration to result in improved performance, a stronger financial structure, healthy cash flows and higher profitability.
4. Approved the Shore Exchange Ratio at 37 new Shares of Rs. 2/- each of M/s. Country Club (India) Ltd for every 10 Shares of Rs. 2/- each of M/s. Amrutha Estates & Hospitality Pvt Ltd.
5. Authorised Mr. Y. Rajeev Reddy, Chairman & Managing Director and Mr. Subba Rao, Company Secretary to make all submissions and do all such acts things, deeds which may be necessary / required for getting approval from various statutory authorities including Stock Exchanges, Courts, etc., on behalf of the Company.
6. Approved to raise funds by issue GDR / ADR / QIP / ECB / FCCB upto the tune of USD 150 Million. |
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