Gupta Carpets International Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 28, 2012, has considered and approved the following:
1. Subject to the receipt of members'' approval by way of Postal Ballot:
(i) To alter the object clause of the Company to enter into the business of Rail Infra Projects.
(ii) To alter the name clause of the Company to make it compatible with the new business, subject to the approval of the Central Government.
(iii) To raise funds for financing the Working Capital requirement of the Company by issuing 33,00,000 fully convertible warrants to the Persons belonging to Non-Promoter Group, at such price and according to such terms and conditions as applicable.