|
| Usha Martin Infotech okays capital restructuring |
| Press Trust of India / Mumbai Dec 23, 2009, 21:46 IST |
|
Usha Martin Infotech today said it has approved capital restructuring of the company for foray into the education sector and focusing on learning solutions.
The shareholders passed a resolution to this effect at its extra ordinary general meeting (EGM) on Wednesday, Usha Martin Infotech said in a filing with the Bombay Stock Exchange.
"Based on initial success and strong recognition of Usha Martin brand for quality, your company has decided to deepen its involvement in education sector, starting in Eastern India," said company Chairman P Jhawar.
Perceiving immense potential in school enabling services, the company had recently tied up by signing a non-binding, non-exclusive memorandum of understanding with Pearson Education.
Usha Martin had conducted a survey, which revealed that schools in non-metro cities provide larger business growth opportunities as these places have dearth of good English-medium schools.
The company believes that reduction of equity share capital, securities premium account and capital redemption reserve and thereby restating the investments by bringing them to their fair value would be more beneficial.
|
|
|
|
|
|
|
|
|
|
 Read Business news in |  |
|
|
|
|
|
|
Advertisements |
|
|
|
|
|
|
|
|
|
|
Content Guide
