Shalimar Agencies Ltd board approves merger of SGMC Systematics Corporation

The Board of directors of Shalimar Agencies Ltd has identified M/s. SGMC Systematics Corporation (SGMC) as a potential target having its Registered Office at 20D, ARI Drive, Somerset, New Jersey, 08873. (CIN NO: L151226TG1981PLC114084)

The Draft Transaction Documents have been placed before the Board and the Board had approved the Proposed Transaction and authorised Mr. Manoj Sandilya Telakapalli, Director to negotiate, enter into all agreements deeds, amendments there to, and execute Definitive Agreements with respect to the proposal of merging Mis. SGMC Systematics Corporation with Shalimar Agencies Lid, subject to consent of shareholders of the Company, stock exchanges and other regulatory authorities.

The board approved merger of SGMC Systematics Corporation with Shalimar Agencies Ltd and lieu of the same, Shalimar Agencies Ltd will issue 3,39,00,000 equity shares to the Shareholders of SGMC Systematics Corporation.

SGMC is engaged in the business of IT Consulting, Systems integration, and IT Outsourcing Services and the current share capital of SGMC is USS 34,90,000 (United States Dollars Three Million Four Hundred and Ninety Thousands only) divided into 3,49,00,000 equity shares having a face value of USD 10 cents (USD 0.10) each.

Source : Equity Bulls

Keywords

ShalimarAgenices Acquisition SGMCSystematicsCorporation