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Bombay Rayon BoD approves acquisition of 'GURU'

24
Apr '08
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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