Spanco Telesystems shareholders to get shares of Intelenet BPO Services Ltd

With reference to the earlier announcement regarding the Scheme of Arrangement between the Company and Intelenet BPO Services Ltd (IBSL) and their respective Shareholders, for Demerger of Domestic Call Centre Division (Sparsh) of the Company into IBSL and reduction of the equity share capital of the Company pursuant to the Scheme, Spanco Telesystems & Solutions Ltd has announced that, if any shareholder of the Company is holding 100 shares in the Company as on the Record date. He will be entitled to get the shares of IBSL and of the Company as follows:

No. of Shares held in the Company as on Record date - 100 shares

Entitlement of the Company Shares:
No. of shares to be issued post reduction of capital - 66 shares
Fraction entitlement arising due to reduction of capital - 0.67 share

Entitlement of IBSL Shares
No. of shares to be issued - 33 shares

Fraction entitlement arising due to Scheme - 0.33 share

Further the Company has informed that, in accordance with the Scheme, the Board of Directors of the respective Companies shall consolidate all fractional entitlements arising due to the Scheme and thereupon issue and allot equity shares in lieu thereof to a director or an officer of the Company or such other person as the Board of Directors of the respective Companies shall appoint in this behalf who shall hold the equity shares in trust on behalf of the Members entitled to fractional entitlements with the express understanding that such director(s) or officer(s) or person(s) shall sell the same in the market at such time or times and at such price or prices in the market and to such person or persons, as it / he / they deem fit, and pay to the respective Companies, the net sale proceeds thereof; whereupon shall be distributed to the Members in proportion to their respective fractional entitlements.

Source : Equity Bulls

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