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Hyderabad, July 23

The board of directors of Bhagyanagar India Ltd approved in principle de-merger of the auto components, refrigeration, solar and telecom business of the company. A detailed scheme of arrangement shall be placed before the board for approval at the next meeting scheduled to be held on August 3. In a statement to the NSE, the company informed that it has also approved issue of securities such as foreign currency convertible bonds (FCCBs) and or equity shares or any other financial instruments to raise additional $50 million over and above $40 million as approved by the members at the meting held on June 16, 2006. The company has convened the AGM on September 27. – Our Bureau

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