Southern Online Bio Technologies Ltd has informed that the Board of Directors of the Company at its meeting held on November 15, 2007, has transacted the following unanimously:
1. The Board has appointed a Committee consisting of 3 Directors namely; Mr. N Satish Kumar, Managing Director, Mr. V Durga Prasad, Director and Ms. T Rohini Reddy, Director to allot the equity share under Preferential Issue.
2. The Board has decided, subject to the approval of the shareholders in the General Meeting, to raise second stage of funds up to Rs 50.00 crores (Rupees Fifty Cores only), for the establishment of second Biodiesel unit of the Company at Vizag with a capacity of 250 tons per day, through Rights Issue and / or Public Issue and / or Preferential Issue and / or GDRs and / or ADRs and / or FCCBs and / or Equity Shares and / or Overseas Investors and / or QIB route etc.
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