The Hindu Business Line : SSI shareholders meet on May 31

CHENNAI: SSI Ltd will hold a meeting of its equity shareholders on May 31 to seek their approval for a scheme of arrangement between the company and Scandent Network Pvt Ltd and the respective shareholders of the two companies.

The proposed arrangement envisages reorganisation of the share capital of Scandent and de-merger of the IT service business of SSI into Scandent. It will also use the Securities Premium Account of SSI to the extent that the amount does not exceed Rs 143.64 crore and raise the investment ceiling limit of FIIs to 74 per cent and up to 10 per cent for NRIs / OCBs, said a SSI communication to the Bombay Stock Exchange.

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