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| Exchange Disseminated Time | BPL Ltd has informed BSE regarding a Press Release dated September 26, 2008 titled "Deutsche Bank to take equity stake in BPL".
Press Release :
"BPL Ltd's Board approved today a proposal to make preferential issue of 24,25,500 equity shares and / or convertible securities to Deutsche Bank AG (DB) and / or their nominees and affiliates in terms of applicable SEBI guidelines and is expected to be completed after the Company's Extra-Ordinary General Meeting.
The Board of Directors has also approved a Qualified Institutional Placement of securities for which, the Board has authorized the Chairman & Managing Director to decide the size and timing of the issue.
It is intended that the proceeds of this issue would be used to fund long term working capital requirement for the Company's growing Healthcare Management Solutions business and other general corporate purposes.
The BPL Healthcare Management Solutions Division has been associated with Indian healthcare sector for over 3 decades and manufactures a range medical equipments that are being used by almost every medical practitioner in this country. It has been focusing extensively in the area of advanced diagnostic equipment that can be used by doctors to improve the accuracy of their diagnosis and provide timely treatment to their patients. These equipments are manufactured in large volumes and under stringent quality standards thus bringing reliable and well accepted technologies at an affordable cost to the Indian medical community. The Division has the country's most comprehensive service networks that service even the remotest regions of the country, maintaining a high uptime of equipment and ensuring that they deliver reports of high quality. The Division has also signed a number of technology agreements with inventors across the world to bring the state of art technologies in diagnostic equipment to India. These technologies hold the promise reduced the time and the cost of treatment of life threatening diseases thus preparing a roadmap for affordable healthcare for the masses.
According to Company Spokesperson, the Company is also in the process of implementing its 600 MW Ramagundam Thermal Power Project and is actively considering a few more projects.
BPL's Chairman & Managing Director, Ajit G Nambiar, said that Deutsche Bank has been involved in the company's restructuring and that the equity investment was a vote of confidence in the company and the promoters "This speaks highly of how we are perceived as a Brand and also of the direction that we have set ourselves going ahead. We welcome Deutsche Bank aboard. We shall announce our plans shortly." |
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