BLUE STAR TO SPIN OFF INTERNATIONAL SOFTWARE DIVISION
Article Abstract:
The air-conditioner manufacturer, Blue Star Ltd (BSL) plans to hive-off its international software division into a separate company, Blue Star Infotech (BSI). BSI will commence operations from October 1, 1998. BSL is reducing its equity capital from Rs27.1 crore to Rs20.3 crore. The board of BSL plans to offer one equity share of BSI at par for every four shares of BSL. BSI will have an equity capital of Rs10 crore. BSL will hold 29 percent stake in BSI. Around 68 percent stake will be held by shareholders and the remaining 3 percent will be retained for the employee stock option plan. BSI has targeted a turnover of Rs42 crore for 1998-99. (gsh)
Comment:
Indian air-conditioner mfr plans to hive-off its international software division into a separate company, Blue Star Infotech
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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L&T's MYSORE UNIT TO ENTER INTO SOFTWARE DEVELOPMENT
Article Abstract:
The Mysore division of Larsen & Toubro has decided to enter into software development and provide turnkey solutions in telecom projects. The entry into software sector may be through a wholly owned subsidiary called Larsen & Toubro Information Technology Ltd. It will concentrate on legacy mainframe systems and software for embedded systems. The initial investment for the Mysore software unit is estimated at Rs1 crore and is expected to start operations by September 1998. (khr)
Comment:
Forms new software unit called Larsen & Toubro Information Tech with estimated Rs1 crore investment
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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ONE-FOURTH BLUE STAR SHARES TO BECOME SOFTWARE CO EQUITY
Article Abstract:
Blue Star Ltd (BSL) is converting its software division into a new company called Blue Star Infotech Ltd (BSIL). The new company is to have an equity of Rs10 crore with 68 percent being offered to the share holders of the parent company. Three shares of BSL and one share of BSIL to shareholders for every four shares held. BSIL is projected to post an income of Rs101 crore by 2001 AD. (khr)
Comment:
Converts its software division into a new company called Blue Star Infotech Ltd
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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