Hinduja TMT to consolidate overseas holdings under one entity

Hinduja TMT Ltd has announced that the Board of Directors of the Company has taken an in principle decision to consolidate the Company’s overseas holdings / subsidiaries under one entity and simplify the holding structure in the Company’s hands. The Board has identified Pacific Horizon Ltd (the Company’s wholly owned subsidiary in Mauritius) as the vehicle for this purpose. The Company’s shareholding in its overseas subsidiaries Source1HTMT Inc. USA and in C-Cubed Inc. NV (presently held directly by the Company) are accordingly being sold and transferred to Pacific Horizon Ltd at a fair value, based on independent valuation by Chartered Accountants.

Source : Equity Bulls

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