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The board of Sunteck Realty on Wednesday approved a scheme of amalgamation. Accordingly, its three wholly-owned subsidiaries - Amenity Software Private Ltd, Magenta Computer Software Private Ltd and Suntech Fashions & Lifestyles Private Ltd - will merge with the company. Amenity Software and Magenta Computer are in the business of telecommunication, software and hardware products and IT-enabled services; Suntech Fashions handles all types of lifestyles and luxury products. The objective of the merger is to ensure simplification of structure through elimination of multiple entities and to achieve greater administrative efficiency, the company said in a notice to the stock exchanges. The stock of Sunteck Realty jumped 2.9 per cent at ₹409.80 on the NSE.
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