Kalpathi Family sells stake in SSI Limited to Prasad V Potluri

PVP Enterprises Private Ltd, Persons Acting in Concert - (i) PVP Ventures Pvt Ltd, (ii) Platex Limited and (iii) Prasad V Potluri to acquire 51% stake in SSI Limited from the Kalpathi Family.

SSI Ltd was known for its IT Education and Training business which was later merged with Aptech Training Ltd and the firm's IT division was merged with Scandent Solutions Ltd.

The company had taken over Telephoto Entertainment Ltd last year and forayed into construction of Multiplexes. Meanwhile, the promoters owned BREAD which owned the Binny property situated in Perambur, Chennai was merged with SSI Ltd.

The company had proposed to construct a township in the land and necessary steps were being taken. But, the promoters have off-loaded their stake in the to company Prasad V Potluri and his firms. Kalpathi S Aghoram has sold 7814315 equity shares (13.5% stake) to PVP Enterprises Private Ltd, Persons Acting in Concert : (i) PVP Ventures Pvt Ltd, (ii) Platex Limited and (iii) Prasad V Potluri on 23-FEB-2007 through Off Market transaction.

Meanwhile, Prasad V Potluri and his associates have entered into a Share Purchase Agreement on 25th February, 2007 to acquire, upon completion, 21,706,432 fully paid up equity shares of Rs. 10 each constituting 37.5% of the paid up share capital of SSI Limited.

On execution of the agreement, PVP Enterprises Private Ltd, Persons Acting in Concert : (i) PVP Ventures Pvt Ltd, (ii) Platex Limited and (iii) Prasad V Potluri will hold 29520747 equity shares of the company which amounts to 51% w.r.t. total paid up capital of the company.

In NSE, the shares of SSI Ltd was locked at the upper limit of 5% at Rs.166.10 with pending buy order for 137781 equity shares.

Source : Equity Bulls

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