NCL Industries - Outcome Of Board Meeting

NCL Industries Ltd has informed that the Board of Directors of the Company at its meeting held on June 29, 2007, inter alia, has transacted the following:1. The Board approved the project to set up a facility for the manufacture of 3000 TPD clinker at Mattapally and two 2000 TPD grinding units at each at Mattapally and Kondapally respectively. This is in lieu of the project for manufacture of 1800 TPD clinker and 2500 TPD grinding unit approved earlier. The cost of Project is estimated to be Rs 300 cores, to be financed by Promoters Equity and internal accruals (Rs 70 crores) and a combination of FCCBs, and external & domestic borrowing aggregating to Rs 230 crores.2. The Board approved the proposal to raise an amount of Rs 15 crores by way of Preferential Issue of Warrants to the Promoters and Promoters Group, convertible to shares at Rs 45/- per share.3. The Board authorized issue of Foreign Currency Convertible Bonds for a value not exceeding US $ 20 million.4. To convene an Extra Ordinary General Meeting on July 30, 2007, inter alia, to approve the proposals for Preferential Issue of Warrants and also issue of Foreign Currency Convertible Bonds.