India's iStreet board approves raising Rs. 1 billion of equity, debt

By Tali Rackner

Norfolk, Va., April 7 - iStreet Network Ltd. informed the Bombay Stock Exchange that its board of directors met on April 5 and approved the following:

• The launch of India's first chain of internet retail stores - iStreet Bazaar in Gujarat. The board approved the plan of setting up 1,100 stores by the end of financial year 2014-2015;

• The proposal of raising funds for the project iStreet Bazaar up to Rs. 1 billion in phased manner in various form like equity/debt/bonds - convertible or otherwise; and

• The earlier decision of disposing off non-productive assets (mainly manufacturing machineries and related assets).

The board also authorized managing director and CEO Pradeep Malu to take necessary steps for raising funds and disposing the non-productive assets.

iStreet operates in digital marketing and e-commerce activities in India. It is based in Mumbai.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.