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Indian Restaurants Group started out as cash shell India Outsourcing Services, which was floated by Durlacher on 6 December 2004. It changed its name after the reversal of Indian restaurants operator Mela Group into the shell on 26 February 2008. Mela operated three restaurants and a catering business and cost up to £1.999m in cash and shares at a price of 26.37p each. The final number of shares issued is based upon the achievement of certain targets. Management wants to create a national chain of Indian restaurants using the Mela and Chowki brands.
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