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| Exchange Disseminated Time | iStreet Network Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 05, 2014, inter alia, has discussed and decided the following matters:
1. The launch of India's first chain of Internet Retail Stores - iStreet Bazaar in Gujarat was discussed. The plan of setting up 1100 stores by end of financial year 2014-15 was discussed and approved by the Board;
2. The Board approved the proposal of raising funds for the project iStreet Bazaar up to Rs. 100 crores (Rs. One Hundred Crores only) in phased manner in various form like equity / debt / bonds - convertible or otherwise, in accordance with and subject to regulatory compliances / limits, investors' compliances, project requirement etc. Mr. Pradeep Malu, Managing Director & CEO of the company has been authorized to take the necessary steps in this regard and deal with or appoint financial consultants / advisors to raise the money for the project.
3. The Board also reviewed and approved its earlier decision of disposing off non productive assets (mainly manufacturing machineries and related assets) and authorized Mr. Pradeep Malu, Managing Director & CEO to take necessary steps in this direction and sign all the necessary papers, as may be required to execute the transaction. |
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