Chennai-based SSI Ltd on Wednesday said it has received approval from the Madras High Court for merging Buckingham Real Estate and Asset Developers (Madras) Ltd (BREAD) with itself.
The company informed the Bombay Stock Exchange that under the amalgamation scheme 642 equity shares of the company would be issued for each share of BREAD. Over 3.2l crore shares of Rs 10 each of SSI would be issued accordingly.
The merger is effective from April 1, and would help SSI, which offers IT training and software services, to foray into the property development market.
The company said it also had plans to develop a 5000 apartment township in Perambur and expects to start Phase 1 comprising of 500 apartments, shortly.