Aftek firms to merge with parent company
Board of Directors of Aftek Ltd has approved the amalgamation of Elven Micro Circuits Pvt Ltd and its wholly-owned subsidiary C2Silicon Software Solutions Pvt Ltd, with the parent company.
By PTI |
MUMBAI: Board of Directors of Aftek Ltd has approved the amalgamation of Elven Micro Circuits Pvt Ltd and its wholly-owned subsidiary C2Silicon Software Solutions Pvt Ltd, with the parent company.
According to the scheme of amalgamation, Elven Micro's shareholders would be issued 123 Aftek shares of face value Rs 2 for every 100 shares (face value Rs 2).
Elven Micro, with a paid up capital of Rs 1 crore, is in the business of high-complexity chip network solutions. The company is expected to achieve sales of 6 million dollars by end of financial year 2007.
Aftek has a paid-up share capital of Rs 17.33 crore, which will go up to 18.56 crore post-merger, with its promoter shareholding touching about 17 per cent, a company release said here on Monday.
The scheme is subject to regulatory approvals.
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