Subiksha merger with Blue green Constructions opposed

CHENNAI: Beleagured retail chain Subhiksha on Friday said that Kotak Mahindra Bank, which owns five per cent on its total credit, today objected to merger of the company with city-based Blue Green Constructions and Investments Ltd.

Subhiksha Managing Director R Subramanian in a statement here, said that Kotak Mahindra Bank filed an objection to the merger in the Madras High Court today and that the company has earlier filed various documents, as directed by the Court.

The Court has adjourned the hearing to April 28, he added. In June 2008, Subhiksha planned to acquire 23 per cent stake in Blue Green Constructions for Rs 2.5 crore. But ICICI Venture, promoted by Azim Premji, which has 10 per cent stake in Subhiksha, objected to the move.