Bhagyanagar India

Bhagyanagar India Ltd has informed that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on October 13, 2007, inter alia, to transact the following special business:

1. To create, offer, issue, allot and de-liver in one or more trenches on a preferential basis to M/s. Foster Capital Ventures Ltd, M/s. Trimurthi Advisory Services Pvt Ltd and M/s. Bhagyanagar Ventures Ltd not exceeding 1,15,00,000 warrants, each warrant convertible into one equity share of the Company at the option of Warrant holder, at a face value of Rs 2/- each, for cash, which upon conversion shall rank pari passu in all respects with the existing equity shares of the Company, in such form and manner and upon such terms and conditions as the Board may in its absolute discretion deem fit, at a price of Rs 44/- per warrant, the price whereof is determined on the basis of the valuation report as prepared by M/s. Shekhar & Co. Statutory Auditors in accordance with the provisions of Chapter XIII of SEBI (Disclosure and Investor Protection) Guidelines, 2000, subject to necessary provisions and approvals.