ess Trust of India / Mumbai September 1, 2006
| Hinduja TMT will demerge its IT and ITES undertaking into a separate entity, which would get listed in the fourth quarter of FY07. According to an official release issued by the company to the BSE today, the board approved the demerger of its IT/ITES undertaking at its meeting held today. The demerger would come into effect from October 1 and the new entity would be called HTMT Technologies. Pursuant to the demerger, post restructuring of share capital, a shareholder of the company holding 2 equity shares of Rs 10 each prior to the demerger would receive 1 equity share of Rs 10 in HTMT Tech and 1 equity share in the company after the demerger. The company is also looking at some major acquisition opportunities for HTMT Technologies in the ITES sector in the US, to add to its geographical reach and domain competencies, it said. The acquisitions would be backed substantially from the funds received from the sale of Hutch stake within the current financial year. The board also took on record a scheme of arrangement for merging 2Cable, its broadband subsidiary and InNetwork Entertainment, its content subsidiary, into Indusind Media & Communications (IMCL). With this, the various media subsidiaries would be consolidated with Hinduja TMT, which would hold 60.5% stake in the merged media and entertainment entity. Hinduja TMT has announced a special dividend of Rs 20 per share on shares of Rs 10 each to the shareholders out of the proceeds of the Hutchison Essar sale, which took place recently, it added. |
