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Southern Online Bio Technologies Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 30, 2008, inter alia, has approved the following unanimously:

1. Increase in Remuneration of Whole Time Directors with effect from July 01, 2008, subject to the approval of members in general meeting.

2. Approved the scheme of Demerger. As per the scheme approved, the existing shareholders of Southern Online Bio Technologies Ltd (SBTL), for every 100 equity shares held in the Company, would be allotted in the ratio of:

a) 77 (Seventy Seven) equity shares in Southern Online Bio Technologies Ltd (Biodiesel Division) (Demerged Company) of Rs 10 each fully paid up, and

b) 23 (Twenty Three) equity shares in Southern Online Services Ltd (ISP Division) (Resulting Company) of Rs 10/- each fully paid up.

However, the scheme of demerger shall be subject to the approval of stock exchange and the Hon’ble High Court of Andhra Pradesh.

3. The matter pertaining to the raising of further capital through preferential issue of equity shares / convertible warrants has been deferred.

Tags: Southern Online

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