Date:28/12/2006 URL: http://www.thehindubusinessline.com/2006/12/28/stories/2006122801270200.htm

Back Bhagyanagar to develop IT park

Our Bureau

Hyderabad, Dec. 27

Bhagyanagar India Ltd has informed the BSE that the company has finalised plans to set up an IT park at Hyderabad with a total outlay of about Rs 120 crore with a built up area of 8,00,000 sq. ft, in six acres of plot, of 12 acres.

The company has sold the balance six acres to Himadri Enterprises Pvt Ltd, Mumbai. The proceeds of this sale will be used for constructing the IT Park, which would include a shopping centre and entertainment complex. Following the company's EGM on December 20, the company board has been authorised to issue and allot 5,00,000 equity shares of a face value of Rs 2 each for Rs 40, that includes a premium of Rs 38, on preferential basis to Bennett Coleman & Co Ltd.