H S India EGM to acquire Ideal Hotels, Kesar Motel

H S India Ltd has announced that the shareholders at the Extra Ordinary General Meeting (EGM) of the Company held on April 30, 2007, inter alia, have decided the following:

1. To increased the borrowing power of the Board of Directors from Rs 30 Crores to Rs 225 Crores.

2. To authorised Board of Directors to mortgage and / or Charge all the movable or immovable properties, both existing and future, or the whole or substantially the whole of any one or more of the undertaking or the undertakings of the Company.

3. To make investment and to acquire by way of subscription, purchase or otherwise Shares / Securities of M/s. Ideal Hotels and Industries Ltd, located at Varanasi for a sum not exceeding Rs 35 Crores and M/s. Kesar Motel Pvt Ltd located at Ankleshwar for a sum not exceeding Rs 15 Crores.

Source : Equity Bulls

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