|
Hinduja Fin board nod for merger deal with Sarthak
Our Bureau
Mumbai, July 31: The board of Hinduja Finance has approved the merger of an investment company, Sarthak Mercantile, holding 49 per cent in Ashok Leyland Information Technology (AITL), 6.25 per cent in IndusInd Media & Communications (IMC) and 49 per cent in IN2Cable, with itself.The board has approved a swap ratio of 10 shares of Hinduja Finance for every 21 shares of Sarthak Mercantile. "The consolidation will provide Hinduja Finance flexibility to dilute its holding at a future date and still retain majority holding to enhance shareholder value," the company said. The equity trading division of Hinduja Finance will be hived off while information technology will become its core activity from the current financial year. Andersen Consulting has suggested consolidation of Group's holdings in IndusInd Media & Communications, IN2Cable.com and Asia Industrial Technologies under Hinduja Finance, to spearhead the group's efforts in technology, media and telecom sectors. With completion of the mergers, Hinduja Finance will be positioned as an operating IT company. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
|