SSI board nod for acquiring realty firm

The board of directors of SSI, which met today, approved the acquisition of Buckingham Real Estate and Assets Developers (Madras) (BREAD).

According to a release issued by SSI to the BSE today, the appointed date of the scheme is March 31, 2006.

"The share swap ratio for the merger, as determined by an independent valuer, is 642 equity shares of the company for each share of BREAD. The share capital of BREAD comprises of 50,070 equity shares. Based on the exchange ratio determined by the independent valuer, a total number of 3,21,44,940 fully paid equity shares of Rs 10/- each of the company will be issued to the shareholders of BREAD," the release added.