Sandesh Limited approves merger of its subsidiary; stock up 2%

The company in the Board of Directors meeting on Tuesday also approved appointment of Gauri Surendra Trivedi, as an Additional and an Independent Director.

Sep 16, 2020 12:09 IST India Infoline News Service

Sandesh Limited Board of Directors on Tuesday has approved the merger of Sandesh Digital Private Limited (Company’s wholly-owned subsidiary) with the company.

Sandesh is currently trading at Rs538.75, up by Rs10.75 or 2.04% from its previous closing of Rs528 on the BSE.

Sandesh Digital is presently engaged in the digital media business and in providing and aggregating news, videos and advertisements on multiple digital platforms. The Transferee company is a media house. It has presence across the media spectrum including print, broadcast, digital, activations and outdoor solutions.

“The commercial activities of both the companies are of similar nature and amalgamation will result in business and operational synergies in terms of complete integration of facilitates which would result in optimum utilization of capital and resources and reduction in overall operating and maintenance cost and benefits of economies of scale,” company said.

The Sandesh Limited networth is Rs79,164.42 lakh and turnover Rs4,249.26 lakh. Sandesh Digital Private Limited has networth Rs369.09 lakh and turnover of Rs45.94 lakh as on June 30, 2020.

Meanwhile, the company’s Board of Directors based on the recommendation of Nomination and Remuneration Committee, has appointed Gauri Surendra Trivedi, as an Additional and an Independent Director, with effect from September 15, 2020, for a tenure of five years, subject to approval of Members at the ensuing Annual General Meeting.

It also appointed Sanjay Kumar Tandon as an Additional and a Whole Time Director, for a period of five years with effect from September 15, 2020, liable to retire by rotation, subject to approval of the members at the ensuing Annual General Meeting.

Yogesh Jani, Whole Time Director has resigned from the Board of Directors of the company with effect from September 15, 2020. 

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