Malar Hospitals Ltd has informed that the Board of Directors of the Company at its meeting held on September 07, 2007, inter alia, has transacted the following:
1. For the purpose of availing of OTS, the Company do avail of loans aggregating to Rs 14,00,00,000/- from M/s. International Hospital Ltd for a sum of Rs 10,00,00,000/- and M/s. Oscar Investments Ltd for a sum of Rs 4,00,00,000/- on such terms and conditions and subject to such security as may be necessary including but not limited to hypothecation of the movable assets of the Company and mortgage of the immovable assets of the Company.
2. The Company do enter into a loan, Share Subscription and Share Purchase agreements with M/s. International Hospital Ltd and M/s. Oscar Investments Ltd as per draft placed before the Board.
3. The Company do issue 46,66,666 number of shares of Rs 10/- each at a premium of Rs 20/- per share on conversion of the said loan into equity shares, in terms of the abovementioned agreement.
Further the Company has informed that, an Extra-ordinary General Meeting of the Shareholders of the Company will be held on October 09, 2007, to take the requisite approval of the shareholders for issue of the said shares and for creation of the requisite security.
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