Net 4 India has received an approval for scheme of arrangement by way of merger of Pipetel with the company and subsequently demerger of ‘ISP Undertaking' of the company into Net4 Network, a wholly owned subsidiary of the company. The company has received an approval at its board meeting held on July 15, 2011.
Further, pursuant to the merger of Pipetel with the company, the investments held by the company representing 100% equity shares in Pipetel would stand cancelled against equity share capital of Pipetel and shareholders holding compulsory convertible preference shares of Pipetel will be allotted 9,59,187 equity shares at Rs 10 each of the company.
Pipetel is engaged in 'Enterprise Internet services,' VoIP Solutions and Web Services billing and Provisioning Platform solutions while 'ISP Undertaking' will comprise part of the business acquired through merger of Pipetel.
Net4 India is a leading IP communication services and solutions company, focused on providing services to businesses. It has a Pan India presence, encompassing a wide array of IP solutions and services like data center services, web hosting services, corporate email / messaging solutions, VoIP services and solutions and networking and IT hardware products and integration.
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