The Hindu Business Line : Silicon Valley board okays merger

CHENNAI: Silicon Valley Infotech Ltd has informed the Bombay Stock Exchange that its board of directors has approved amalgamation of the Chennai-based Pentasoft Technologies Ltd with the company with effect from January 1.

This is subject to the required approval and the valuation report of the company submitted by R. Swaminathan & Co, Chartered Accountants, Chennai. The merger ratio of shares between the company and Pentasoft Technologies Ltd has been fixed 1:2 — for every one equity share of the company of Re 1 each will be given against two equity shares of Rs 10 each of Pentasoft.

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