HC approves merger of SSI and BREAD

Wednesday, September 13, 2006, 15:07 [IST]

Chennai, Sep 13 (UNI) The Madras High Court has approved the merger of BREAD with SSI Limited, according to company release here.

The share swap ratio of the merger was 642 equity shares of SSI Ltd for each share of BREAD. Over 3.21 crore fully paid equity shares of Rs 10 each of SSI Ltd would be issued accordingly. The merger was effective from April one, 2006, the release added.

The relase said, SSI had plans to develop a 5,000 apartment township in Perambur and expected to start phase-I, comprising of 500 apartments, shortly. The company would roll out 1,000 apartments every year over the next five years, it added.

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