Orient Tech to merge with IT People

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New Delhi, Nov 27 (UNI) Orient Information Technology today said its board has approved the amalgamation of the company into IT People (India) Ltd.

The amalgamation will take place; subject to the requisite approvals from the members and creditors of the two companies, regulatory authorities and the High Court of Bombay, said a statement.

Under the scheme of arrangement; one hundred equity shares of Rs 2 each in IT People (India) Ltd will be issued for every two hundred and seventy five equity shares of Rs 10/- each held by the shareholders of the Orient.

UNI

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