BAG Films - Outcome Of Board Meeting

BAG Films Ltd has informed that the Board of Directors of the Company at its meeting held on February 20, 2007, has approved the following proposals:1. Preferential allotment of up to 13,078,000 Equity Shares of Rs 2/- each to M/s High Growth Distributors (P) Ltd having their registered office at Kolkatta-12 at a price to be determined in accordance with the SEBI (Disclosure and Investor Protection) Guidelines 2000.2. The Board has given an in-principle approval to change the name of the Company to B.A.G. Media Ltd or any variant thereof, subject to receipt of requisite approvals in a manner that would result in the name encompassing all the activities of the Company.3. Increase in the authorized share capital of the Company from the existing Rs 20 Crores divided into 10,00,00,000 equity shares of Rs 2/- each to Rs 25 Crores divided into 12,50,00,000 equity shares of Rs 2/- each.4. Convening an extraordinary general meeting (EGM) of the shareholders of the Company on March 22, 2007 to approve the proposals set out in paragraphs 1, 2 and 3 above and approval of the draft notice of the EGM to be dispatched to the shareholders.