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Wednesday November 25, 01:50 PM Reuters

Surana Telecom to de-merge solar biz into Surana Ventures

MUMBAI (Reuters) - Surana Telecom & Power Ltd, which makes telephone and optical fibre cables, said on Wednesday its board approved a plan to de-merge its solar business into Surana Ventures.

The company also plans to list Surana Ventures on the Indian bourses post the de-merger, Surana Telecom said in a statement to the Bombay Stock Exchange (^BSESN : 16030.31 -11.87).

Under the deal, Surana Telecom shareholders will get three Surana Ventures shares of 10 rupees each for every four shares of 5 rupees each held in the company, it added.

The merger is subject to legal and other approvals, it added.

(Reporting by Bharghavi Nagaraju; Editing by Prem Udayabhanu)

(For more news on Reuters Money visit http://www.reutersmoney.in)

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