Satra Properties - Outcome Of Board Meeting

Satra Properties India Ltd has informed that the Board of Directors of the Company at its meeting held on January 25, 2007, inter alia, has transacted the following business:1. The Board has declared 2nd Interim Dividend @ 10% i.e. Rs 1/- per share for the year 2006-2007. 2. The Board also discussed about the ways and means of raising Funds upto Rs 500 Crores by way of placements through Qualified Institutional Placement (QIP) or Preferential Allotment to Mutual Funds, Foreign Institutional Investors and other investors including promoters etc. or Follow on Public Issue or Foreign Issue of Equity Shares, Convertible debentures or any other instrument, or any combination of the above, which would lead to:(a) Reduction in Interest Cost and Improvement in the Profits.(b) Providing Capital for Growth and Expansion of the Business.3. The Board also considered the proposal of raising funds through Alternate Investment Markets (AIMs) in terms of the benefit of low cost of financing and venturing into new projects and authorized Mr. Praful Satra to explore the possibilities of raising the funds for existing as well as future projects.4. The Board took note of the fact that the proposal of Amalgamation of Om Housing Company Pvt Ltd (the Transferor Company) with the Company (the Transferee Company) as approved by the shareholders of both the Companies been filed with Honble High Court, Mumbai.5. The Board has decided to venture into Retail Merchandizing Segment through its subsidiaries and also approved investments upto Rs 3 Crores in the said subsidiary Companies.