Hinduja TMT allots shares on demerger

Hinduja TMT Ltd has announced that the Board of Directors of the Company, has by resolution dated April 10, 2007:

(i) given effect to the reduction of the issued, subscribed capital of the Company pursuant to the approval of the shareholders at the Extraordinary General Meeting of the Company held on December 04, 2006 and the sanction of the Hon'ble High Court of Judicature at Bombay vide Order dated February 23, 2007, the minutes whereof were filed with the Registrar of Companies on March 07, 2007.

In terms of the High Court Order, the reduction was given effect by way of reducing the face value of each equity share from Rs 10/- each fully paid-up to Rs 5/- each fully paid-up and simultaneous consolidation of two such reduced equity shares of Rs 5/- each fully paid up into one equity share of face value Rs 10/- each fully paid-up.

The issued, subscribed and paid-up capital of the Company accordingly stands reduced from Rs 41,07,60,060/- consisting of 4,10,76,006 equity shares of Rs 10/- each fully paid up to Rs 20,53,80,030/- consisting of 2,05,38,003 equity shares of Rs 10/- each fully paid up.

(ii) Allotted an aggregate of 2,05,38,003 equity shares of the Company of face value Rs 10/- each fully paid up proportionately to each member of the Company whose name was recorded in the register of members of the Company on the Record Date i.e. April 09, 2007.

Pursuant to the Scheme of Demerger and transfer of the Company's IT/ITES undertaking to HTMT Global Solutions Ltd, the entitlement of members of the Company to receive equity shares of HTMT Global Solutions Ltd in the Demerger Share Entitlement Ratio of one equity share of face value Rs 10/- each fully paid-up of HTMT Global Solutions Ltd for every two equity shares of Rs 10/- each fully paid-up held by such member in the Company on the Record Date i.e. April 09, 2007, was determined prior to giving effect to the aforesaid reduction of capital and the same has been accordingly communicated to HTMT Global Solutions Ltd.

Source : Equity Bulls

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