Bhandari Hosiery Exports Ltd

The Board considered and approved the proposal of raising equity capital through the Rights Issue to partly finance the Expansion Plan that has been taken up by the Company with the loan assistance from State Bank of India. The members of the Board unanimously approved the Draft Letter of offer and issuance of fully paid-up equity shares of the Company aggregating upto Rs. 7.61 Crores at such ratio price & terms and conditions as may be determined by the Project Monitoring Committee of the Board of Directors in this regard as per the applicable legal provisions to the existing equity shareholders of the Company as on the record date (to be fixed for the purpose) and on such other terms and conditions as may be mentioned in the draft Letter of Offer to be issued by the Company. Further the Board has authorised the Project Monitoring Committee of the Board to proceed with the Rights Issue forthwith and inter-alia decide the other terms and conditions of the Rights Issue.