Futura Polyesters considers rights issue

Futura Polyesters Ltd has informed that a meeting of the Board of Directors of the Company will be held on January 29, 2008, inter alia, to consider the following:

1. To consider and approve the quarterly financial results of the Company for the quarter ended December 31, 2007.

2. Revised Scheme of Arrangement under Sections 391 to 394 of the Companies Act, 1956 whereby investment of the Company in Innovassynth Technologies (India) Ltd is proposed to be transferred to an investment Company and further that the investment Company will allot its equity shares as fully paid up shares to the shareholders of the Company in such proportion as may be decided by the Board of both Companies. As per the Scheme the shares of the investment Company is proposed to be listed in the Stock Exchange.

3. To consider Rights Issue of equity shares by the Company, aggregating to approximately Rs 26 crores, to its shareholders in such proportion as may be decided by the Board.