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Outcome of Board Meeting

| Updated on March 25, 2013 Published on March 25, 2013

IITL Projects Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 23, 2013, has accorded the following:

1. The Shareholders of the Company inter alia had approved a Special Resolution on December 24, 2012, by way of Postal Ballot for raising of funds through Issue of 12% Non Convertible, Cumulative, Redeemable Preference Shares of the Company on private placement basis, in one or more tranches, to Industrial Investment Trust Limited (Promoter Holding Company). Pursuant to that the Company had allotted 20,00,000 (Twenty Lacs) 12% Non Convertible Cumulative Redeemable Preference Shares ("Preference Shares") of Face Value of Rs. 10/- (Rupees Ten) each, at a price of Rs. 50/- (including a premium of Rs. 40/- per share) of an aggregate amount not exceeding Rs. 10,00,00,000/- (Rupees Ten Crores Only).

The Board of Directors in its meeting held on March 23, 2013 has accorded approval for further issue and allotment of
30,00,000 (Thirty Lacs) 12% Non Convertible Cumulative Redeemable Preference Shares ("Preference Shares") of Face Value of Rs. 10/- (Rupees Ten) each, at a price of Rs. 50/- (including a premium of Rs. 40/- per share) of an aggregate amount not exceeding Rs. 15,00,00,000/- (Rupees Fifteen Crores Only) in third tranche to Industrial Investment Trust Limited.

2. Mr. Milind S. Desai has been appointed as an Additional Director w.e.f. March 23, 2013.

Source : BSE - www.bseindia.com

Published on March 25, 2013
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