Surana to restructure business

Surana Telecom Ltd has decided to reconstruct the company's business according to which the metals division of Bhagyanagar Metals Ltd will be demerged and vested in Surana Infocom Ltd. The telecom business of Bhagyanagar Metals will be vested in Bhagyanagar Telecom Ltd.

The infrastructure division of Surana Infocom and Surana Telecom will be vested in Bhagyanagar Metals Limited.

The appointed date under the scheme of reconstruction is April 1, 2005 or any other date as considered by the board of directors of all the companies and based on approval by the Andhra Pradesh High Court.

Bhagyanagar Metals would, in consideration of such demerger, allot to every member of Surana Telecom, 28 equity shares of Rs 2 each credited as fully paid-up for every 100 equity shares of Rs 5 each, held by the members of Surana Telecom as on the record date.

It has also been decided to merge Value Infrastructure & Properties Private Limited (VIPPL) and vest with Bhagyanagar Metals Limited.