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| Exchange Disseminated Time | BF Utilities Ltd has informed BSE that in the meeting held on December 24, 2010, the board of directors of the Company, the promoter and indirect holding Company of Nandi Economic Corridor Enterprises Limited ("NECE") has approved the proposal for, and signing of definitive agreements in relation to, foreign direct investment of a sum of Rs. 500,00,00,000 (Rupees Five Hundred Crore). The proposal entails potential issue of equity shares and compulsory convertible preference shares against the said investment for a minority stake in NECE.
The aforesaid investment is being sought with the objective of augmenting NECE's equity resources required for part financing the project cost for the implementation of Phase I of the Bangalore Mysore Infrastructure Corridor Project. |
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