New Horizon Leasing & Finance Ltd has informed that the Board of Directors of the Company at its meeting held on March 25, 2008, has approved the following:
1. To acquire 100% share capital of two textile Companies viz. Mahasakthi Textile Mills Pvt Ltd., (Kerala) and Arumuga Cotspin Pvt Ltd (Tamil Nadu) for a total consideration of Rs 16 crores, thus to make these Companies as fully owned subsidiaries of the Company.
2. To start new business in packaging space.
3. To change the name of the Company to New Horizon Industries Ltd or any other name available with the Registrar of Companies.
4. Amend Memorandum of Association of the Company to include new line of business.
5. Extra Ordinary General Meeting to be called on April 26, 2008 to approve the above proposals.
1. To acquire 100% share capital of two textile Companies viz. Mahasakthi Textile Mills Pvt Ltd., (Kerala) and Arumuga Cotspin Pvt Ltd (Tamil Nadu) for a total consideration of Rs 16 crores, thus to make these Companies as fully owned subsidiaries of the Company.
2. To start new business in packaging space.
3. To change the name of the Company to New Horizon Industries Ltd or any other name available with the Registrar of Companies.
4. Amend Memorandum of Association of the Company to include new line of business.
5. Extra Ordinary General Meeting to be called on April 26, 2008 to approve the above proposals.
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