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Jul 10, 2013, 04.00 PM IST | Source: Moneycontrol.com

Compact Disc: Outcome of Board Meeting

Compact Disc India at its meeting held on July 10, 2013, has approved Current valuation of the Company as US$ 49.60 million or equivalent Rs. 297.60 crore. This valuation is appraised and assessed by the principal auditors of a UAE based conglomerate, established in 1960.

Compact Disc India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 10, 2013, inter-alia, has approved:1. Current valuation of the Company as US$ 49.60 million or equivalent Rs. 297.60 crore. This valuation is appraised and assessed by the principal auditors of a UAE based conglomerate, established in 1960.2. Offer to buy 50 present shares of the Company by UAE based conglomerate, comprising of 23 companies, having more than 5000 employees, business spread over all states of UAE, Qatar and Oman. The present turnover of this group in AED 3billion i.e. approx US$ 900 million. As part of the expansion, this group has recently invested in Europe and China, on manufacturing Food Products, IT solution and Electronics.3. Offer to invest 50 percent as joint- venture partner of the total capital outlay of proposed Animation Studio in UAE.Source : BSE

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