Hinduja TMT announces Record date for the purpose for demerger

Hinduja TMT Ltd has announced intimating the approval of the Scheme of Arrangement and Reconstruction ("Scheme") for demerger of Information Technology / Information Technology Enabled Services (IT / ITES) Undertaking of the Company into HTMT Technologies Ltd and reduction of share capital of the Company, by the High Court of Judicature at Bombay on February 23, 2007. Accordingly, March 07, 2007, is effective date of the Scheme.

The Board of Directors of the Company has fixed the date of April 09, 2007 as the Record Date to sequentially:

1. Determine the eligibility of members of the Company to be issued and allotted equity shares of HTMT Technologies Ltd in the Demerger Share Entitlement Ratio of 1 equity share of Rs 10/- each credited as fully paid up of HTMT Technologies Solutions Ltd for every 2 equity shares of Rs 10/- each fully paid up held by such member in the Company and

2. Effect the reduction of capital of the Company by reducing the face value of the equity shares from 1 equity share of Rs 10/- each fully paid up to 1 equity share of Rs 5/- each fully paid and simultaneously, consolidating 2 such equity shares of Rs 5/- each fully paid-up into 1 equity share of Rs 10/- each fully paid-up.

Source : Equity Bulls

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