At meeting held on 30 September 2015
Bhagyanagar India announced that the Board of Directors of the Company at its Meeting held on 30 September 2015, inter alia, has transacted the following:1. Discussed the draft Scheme of Arrangement and approved in principle for demerger of Solar Business with Surana Telecom and Power and Real Estate Business with Bhagyanagar Properties, the exchange ratio and other details are being worked out for finalization of the Scheme of Arrangement and exchange ratio.
2. On effectiveness of the scheme, Surana Telecom and Power and Bhagyanagar Properties to issue shares to the existing shareholders of Bhagyanagar India and seek listing in BSE & NSE, subject to the approval of the shareholders & the regulatory authorities.
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