Grabal Alok Board to consider investment in wholly owned subsidiary

Grabal Alok Impex Ltd has announced that a meeting of the Board of Directors of the Company will be held on December 20, 2006, inter alia, to consider investment of GBP 8 million in the Company’s wholly owned subsidiary viz, Grabal Alok International Ltd (GAIL, BVI) by way of preference shares. The above investment by the Company in GAIL, BVI would be subject to necessary approvals from the concerned authorities, if any.

GAIL, BVI in turn proposes to invest the said sum of GBP 8 million in equity shares / convertible bonds of Hamsard 2353 Ltd ("Hamsard"). GAIL, BVI already holds 26% equity stake and GBP 2 million worth of convertible bonds in Hamsard.

With the conversion of the above bonds / equity allotment, GAIL BVI would hold around 75% of the total equity of Hamsard.

Source : Equity Bulls

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