Blue Star Infotech Ltd Share Price – NSE  / BSE

IT - Software, Small Cap

Blue Star Infotech announced that the Company has received the order sanctioned by the Honourable High Court of Judicature at Bombay dated 16 April 2016, sanctioning the Composite Scheme of Amalgamation of the Company and its wholly owned Indian subsidiary Blue Star Infotech Business Intelligence and Analytics with Blue Star and their respective shareholders and creditors.

Upon the effective implementation of the scheme, Blue Star will issue and allot to the shareholders of the Company, as on the record date to be fixed by Blue Star, seven (7) fully paid up equity shares of Rs. 2/- each of Blue Star for every ten (10) equity shares of Rs. 10/- each held in the Company.

The Scheme shall be effective from the Appointed Date i.e. 01 April 2015, upon filing of the Certified Copy of the Order of the Hon'ble High Court, sanctioning the Scheme, with the Registrar of Companies.

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Blue Star Infotech announced that the Company have been informed by Blue Star that the Board of Directors of Blue Star have approved at their meeting held on 11 March 2016 the provision of dividend at Rs. 6.50 per share for 53,91,383 equity shares proposed to be issued to the shareholders of Blue Star Infotech post completion of Amalgamation as per swap ratio pursuant to the Composite Scheme of Amalgamation between Blue Star Infotech and Blue Star Infotech Business Intelligence and Analytics with Blue Star.

The Composite Scheme of Amalgamation proposes the issue of 7 fully paid-up equity shares of Rs. 2/- each in Blue Star for every 10 fully paid-up equity shares of Rs. 10/- each in Blue Star Infotech upon the scheme being approved by the Honourable Bombay High Court.

Further the Company has informed that, the dividend would be paid to the Blue Star Infotech shareholders, post conversion of their shareholding to Blue Star shares on a record date which will be fixed after the effective date of Amalgamation post receipt of the sanction of the Honourable Bombay High Court.

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Blue Star Infotech announced that, pursuant to the sale of the Information Technology Business of the Company to Infogain India and sale of investments in the overseas subsidiaries of the Company to Infogain Corporation, Nishith Mathur, Chief Operating Officer of the Company has relinquished office as he has joined Infogain Corporation, USA effective 01 January 2016.

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Blue Star Infotech has successfully completed the sale of its Information Technology business to Infogain India on 29 January 2016. The Company has also completed the sale of its entire investment in its overseas subsidiaries, namely Blue Star Infotech America Inc., Blue Star Infotech (UK) and Blue Star Infotech (Singapore) to Infogain India.

Effective 01 January 2016, Infogain is the owner of the Information Technology business (including Subsidiaries) of the Company.

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