Bombay Rayon Fashions Ltd has informed that the Board of Directors of the Company at its meeting held on April 24, 2008, inter alia, has considered / noted / approved the following:
1. Entering into Terms of Understanding for taking over the Brand 'GURU' and other related retail business on going concern basis, by wholly — owned subsidiary of the Company BRFL Europe B.V. Netherlands with an Italian Company Jam Session Holdings S.r.l, for a total consideration of EURO 33 millions by exercising the Call/Put option within 42 months & till than operate the Brand & Business on Lease basis.
2. Scheme of amalgamation of its wholly — owned subsidiary 'Leela Scottish Lace Pvt Ltd' into the Company subject to the necessary approvals.
Bombay Rayon Fashions Ltd
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