Spanco Telesystems to demerge Sparsh into Intelenet BPO

Spanco Telesystems & Solutions Ltd has announced that the appointed date of 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 is January 01, 2006.

Further the Company has informed that the Certified true copy of the order of the Hon´ble High Court of Mumbai, approving the Scheme has been filed in the prescribed form 21 with the Registrar of Companies, Maharashtra, Mumbai on August 29, 2006, i.e. effective date of the said scheme.

Pursuant to the said Scheme, every equity shareholder of the Company shall be allotted 1 fully paid up equity share of Rs 10/- each in IBSL for every 3 fully paid up equity shares of Rs 10/- each held in the Company; and Consequent to the said Scheme, the Equity share capital of the Company shall be reduced from 23,736,826 shares of Rs 10/- each aggregating to Rs 237,368,260/- to 15,824,551 shares of Rs 10/- each aggregating to Rs 158,245,510/-.

Source : Equity Bulls

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