Blue Star to merge with investment firm
Blue Star Infotech to merge investment firm of promoter group Ashok Sunil & Company Pvt Ltd with itself.
By PTI |
MUMBAI: Travel technology service-provider Blue Star Infotech on Wednesday said it has received approval from the Board of Directors to merge an investment firm of the promoter group -- Ashok Sunil & Company Pvt Ltd (Investment Company) with itself.
In a filing to the Bombay Stock Exchange, it said the merger would rationalise promoter shareholding in the company since some of the promoter group shares are held in the name of the investment firm.
Upon merger, the existing holding would get cancelled and the company would allot same number of equity shares to the shareholders of the investment firm. As a result, there would not be any change in the paid-up capital of the company or in the shareholding, including that of the promoters, the filing added.
Further, there are no other assets (except cash to meet merger expenses) or liabilities in the investment company.
The proposal is subject to approval of the requisite majority of the shareholders, regulators and lenders, among others.
Shares of Blue Star closed at Rs 86, down 4.34 per cent on the BSE.
In a filing to the Bombay Stock Exchange, it said the merger would rationalise promoter shareholding in the company since some of the promoter group shares are held in the name of the investment firm.
Upon merger, the existing holding would get cancelled and the company would allot same number of equity shares to the shareholders of the investment firm. As a result, there would not be any change in the paid-up capital of the company or in the shareholding, including that of the promoters, the filing added.
Further, there are no other assets (except cash to meet merger expenses) or liabilities in the investment company.
The proposal is subject to approval of the requisite majority of the shareholders, regulators and lenders, among others.
Shares of Blue Star closed at Rs 86, down 4.34 per cent on the BSE.
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