IOL Netcom Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 03, 2009, has;

1. Decided to issue 40 Lacs equity shares & 92.50 Lacs Equity Share Warrants to the Strategic Investors at the price as determined by SEBI (ICDR) Guidelines 2009.

2. Accepted the resignation of Mr. Sanjay Jagtap, Independent Director of the Company.

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