Mount Everest - Outcome Of Board Meeting

Mount Everest Mineral Water Ltd has informed that the Board of Directors of the Company at its meeting held on June 01, 2007, has approved the following:1. Preferential Allotment of 50,99,396 equity shares of the CompanyThe execution of Share Subscription Agreement dated June 01, 2007 executed between Tata Tea Ltd., a Company incorporated under the Companies Act, 1956 and having its registered office at Kolkata, Foresight Holdings Pvt Ltd., Mr. Vinod Sethi and the Company (Share Subscription Agreement) and the issue and allotment to Tata Tae Ltd., at a price of Rs 140/- per equity share, subject to the consent of the members of the Company on a preferential allotment basis at Rs 140/- per equity shares constituting 15% of the paid up equity share capital of the Company on a fully diluted basis, on terms and conditions more particularly set out in the Share Subscription Agreement.2. Agreement for the acquisition of 31,10,440 equity shares in the CompanyThe execution of a Share Purchase Agreement dated June 01, 2007 between Tata Tea Ltd., Foresight Holdings Pvt Ltd., Mr. Vinod Sethi and the Company for the sale of 31,10,440 equity shares of the Company (Share Purchase Agreement) held by Foresight Holdings Pvt Ltd and Mr. Vinod Sethi consisting 10.77% of the paid up equity share capital of the Company on a fully diluted basis, at a price of Rs 140/- per equity share to Tata Tea Ltd., on terms and conditions more particularly set out in the Share Purchase Agreement.