IT firm Zensar Technologies today said its board has approved the merger of its two subsidiaries — Zensar OBT Technologies and Zensar Transformation Services — with itself.
The committee of directors at the meeting has given in-principle approval for the merger of two of its wholly- owned subsidiaries with itself, Zensar Technologies said in a filing to the Bombay Stock Exchange.
The appointed date of the scheme of amalgamation is April 1, 2009, the filing added.
Upon the scheme becoming effective the entire equity share capital of the subsidiaries would stand automatically cancelled and there would be no issue and allotment of shares pursuant to the scheme, it added.
The scheme of amalgamation is subject to the necessary regulatory approvals, it said.
