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Donear likely to go for foreign acquisition

06
Jun '07
Donear Industries Ltd has informed that the Board of Directors of the Company at its meeting held on June 04, 2007, has decided to raise funds approximately Rs 150-160 crores.

In Indian Rupees / Foreign Currencies to fund future expansion projects of the Company develop new business and acquire existing businesses in India & Abroad, through GDR / ADR / FCCB or any other Securities such as preference Shares or any other means as the law may permit, from Indian Residents, non-Indian Residents, persons of Indian Origin, foreign banks / financial institutions / Foreign Financial institutions etc.

Subject to necessary approvals / consents / permissions from the members of the Company, SEBI, Stock Exchanges, RBI or any other Regulatory Authorities as may be required in this regard.

Further the Company has informed that, the Board was also authorised to call for General Body meeting of the share holders of the Company at appropriate time to get the approval of the same.

Company has also plans for greenfield expansion in Surat with facilities for yarn dyeing, weaving and processing with an investment of around Rs136 crore.

This expansion will cover an area of 7.7 hectares and would start production next month.

Donear Industries Ltd


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