Orient Tech to merge with IT People

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