NEPC India - Outcome Of Board Meeting

NEPC India Ltd has informed that the Board of Directors of the Company at its meeting held on May 31, 2007, inter alia, has unanimously resolved the following:1. To discuss, inter-alia the fund raising programme of the Company:The Board, with a view to augment the funds required for the new line of business, viz, business of manufacture, sale and marketing of NEPC Solar Power House, which is an innovative and a revolutionary product from the R&D stables of the Company, resolved to issue, by way of preferential allotment, an overall quantum of 3,00,00,000 convertible warrants of Rs 10/- each, totaling Rs 30,00,00,000/-, subject to approval of the members in the forthcoming general meeting of the Company to be held on June 29, 2007 as well as subject to statutory and other regulatory approvals as are applicable, as follows:a. Upto 50,00,000 convertible warrants of Rs 10/- each to the promoters group.b. and the remaining convertible warrants within the above-stated overall quantum of 300,00,000 of Rs 10/- each to the business associates and othersThe Board also resolved that the pricing of the proposed convertible warrants to be issued on preferential basis, will be as per the applicable SEBI (DIP) Guidelines.2. To explore and consider issue of GDR, etc:The Board decided to set up in the country a state-of-the-art manufacturing facility for Solar Cells, and with a view to augment the finds required for this new line of activity, viz. business of manufacture, sale and marketing of Solar Power Cells, which is state-of-the-aft technology, the Board unanimously resolved to issue Global Depository Receipts (GDRs) Upto an amount of 100 million dollars, and also proposed to alter the Share Capital clause of the Memorandum and Articles of Association of the Company to the required levels in accordance with the proposed issue of GDRs as herein mentioned, subject to approval of the members in the general meeting of the Company as well as subject to statutory and other regulatory approvals as are applicable.