News Brief | November 2015
Bhagyanagars solar biz to merge with Surana Telecom
The board of directors of Bhagyanagar India and Surana Telecom and Power in their respective meetings have approved the proposal to demerge the solar business of Bhagyanagar and merge it with the latter.
Pursuant to the scheme of arrangement, Surana Telecom will issue and allot two fully paid-up equity shares of Rs.1 each to the shareholders of Bhagyanagar India for every three shares of Rs.2 each held by them.
According to the scheme approved by the respective board of directors, the demerger is proposed to be undertaken through a court-approved scheme of arrangement. April 1, 2016, has been chosen as the appointed date for the transaction.