Seasons Furnishings to set up retail showrooms

Pursuant to the issue & allotment of 1250000 Warrants on June 04, 2005 at an aggregate price of Rs 10/- each which was later on converted into equal number of equity shares of Rs 10/- on October 19, 2006, Seasons Furnishings Ltd has announced that, the object of this Preferential Issue is to set up a Retailing concept in all major cities. With this concept a Warehousing System will be implemented and all the Dealers will be serviced through the Central Warehousing for their requirements. This will help the Company to strengthen its retailing Network across the Country without any major infrastructure expenses. The Company has already initiated the process of expanding Dealer Network and as expected there are 45 Dealers at present, as part of the concept and accordingly the total funds procured through this issue (1250000 warrants @ Rs 10/- each) Rs 125.00 lacs was utilized as under:

1. Security Deposit Paid for: Gurgaon Showroom
Paid To: Moonlight Continental Pvt Ltd.
Amount (in Lacs): Rs 21.12

2. Security Deposit Paid for: Rajouri Showroom
Paid To: Sewa International Ltd
Amount (in Lacs): Rs 14.29

3. Security Deposit Paid for: Nehru Place Showroom
Paid To: Nehru Place Hotels Ltd
Amount (in Lacs): Rs 82.88

4. Security Deposit Paid for: Interior of above New Showrooms
Paid To: Symphony Interiors
Amount (in Lacs): Rs 90.00

Further the Company has informed that, the above utilization was approved by the Board of Directors of the Company at its meeting held on January 30, 2007.

Source : Equity Bulls

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