Hon'ble High Court, Madras approves merger of BREAD with SSI

SSI Ltd has announced that the Honourable High Court of Judicature at Madras has approved the merger of BREAD with the Company. The share swap ratio of the merger is 642 equity shares of the Company, for each share of BREAD. Over 3.2l crore fully paid equity shares of Rs 10/- each of the Company, will be issued accordingly. The merger is effective April 01, 2006.

The Company, has plans to develop a 5000 apartment township in Perambur and expects to start Phase 1 comprising of 500 apartments, shortly. The company targets to roll out 1000 apartments every year over the next 5 years.

In February 2003, the Company acquired a controlling stake in Aptech Ltd. In April 2003, the IT training business was combined with Aptech Ltd. In July 2004, the IT services business was merged with Scandent Solutions. In July 2005, the Company passed on majority control of Aptech Ltd by selling a substantial part of its holding in Aptech Ltd.

Since the merger of the Company's Education business with Aptech and its technology business with Scandent Solutions, the Company, has been engaged in asset-based businesses that capitalise on emerging opportunities in the resurgent Indian domestic market including the Hospitality and Entertainment space.

Source : Equity Bulls

Keywords