Aptech Yet To List Training Unit

Aptech, almost seven months after it was delisted to facilitate a restructuring, is yet to list its demerged IT division Aptech Training on the bourses.

Aptech had announced a two-pronged restructuring whereby it had demerged its training unit into a separate entity called Aptech Training for which it received court approval in December 2001. As part of the restructuring, Aptech was to merge its US-based group company Hexaware Technologies with itself. Subsequently, the name of the merged entity was changed to Hexaware Technologies and was relisted, with trading restarting from June 10, 2002.

According to the scheme of rearrangement, for every 100 shares held in Aptech Ltd, its shareholders received 40 shares in Hexaware Technologies, and 60 shares in Aptech Training. At the time of the announcement of the restructuring, the company had announced that both Hexaware and Aptech Training will be listed on exchanges where Aptech was earlier listed.

 

However, the company said the delays were inadvertent. In a statement, the company said,