Eldeco Housing & Industries Limited has informed that the board of directors of the company at its meeting approved to enter into a Memorandum of Understanding with Eldeco Infrastructure and Properties Limited (EIPL) wherein, it is proposed to advance a sum not exceeding Rs. 27.50 Crores to EIPL wherein, it is proposed to advance a sum not exceeding Rs. 27.50 Crores to EIPL upon which the Company shall be entitled for two-third (2/3rd) surplus of EIPL's entitlement in the surplus arising from an upcoming residential township project at Bareilly, Uttar Pradesh (to be developed by a subsidiar of EIPL i.e. Eldeco Infrabuild Limited) subject to repayment of the sum advanced along with minimum interest of 8% p.a. on the sum advanced.

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