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| Exchange Disseminated Time | BSEL Infrastructure Realty Ltd the Board of Directors of the Company at its meeting held on March 25, 2010, has dealt with the following matters:
1. The Chairman informed the Board that the company is now zero debt company, The Directors took a note of the same and appreciated this initiative of the company.
2. Further, the chairman informed that, as stated in the notice of Board Meeting, the company intends to de-merge itself into different companies on the basis of operational segments. The broad idea of demerger i.e. arrangement is as follows.
a. As of now, the Company - BSEL Infrastructure Realty Ltd is handling it's projects in various segments in the field of infrastructure and real estate Development. It's also involved in real estate development activities in international market, specifically, UAE and Malaysia, through its Wholly Owned Subsidiary (WOS) named as BSEL Infrastructure Realty F2E at UAE.
b. Now, the Company will be de-merged and there will be two resulting entities - 1) BSEL International and 2) BSEL Hotels and Hospitality (names of the companies are subject to approval of Government).
c. BSEL International, will take up all the international activities and operations of the company through WOS, BSEL Infrastructure Realty FZE.
d. BSEL Hotels and Hospitality will look after the domestic Hotel and Hospitality projects of the Company.
3. The Board has appointed Fortress Capital Management Services Pvt Ltd as Merchant Bankers of the Company. The Company is in the process of appointing Valuers and Advisors for the same.
4. The Company is also in process of framing scheme of arrangement. The scheme will be framed, analysed and finalized at Board level with the help and under the guidance of Advisors of the Company.
5. BSEL Infrastructure Realty FZE, to start the infrastructure activity in UAE. This item is not discussed in this Board Meeting and would be taken up in the next Board Meeting. |
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