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| Exchange Disseminated Time | Infomedia India Ltd has informed BSE that a meeting of the Board of Directors of the Company was held on October 10, 2008.
"The Board of Directors of Infomedia18 announced the merger of I-Ven Interactive Ltd (I-Ven), its holding Company with itself. The merger follows the agreement between the parties at the time of acquisition by Television Eighteen India Ltd (TV18), and it enables both TV18 and India Advantage Fund II (IAV II) to hold shares directly in Infomedial8.
The consolidation will be undertaken as part of a court supervised merger process and is subject to receipt of relevant approvals. BMR Advisors acted as the transaction advisors for the consolidation.
The Board also accorded approval to actively evaluate opportunities for reorganization of the printing operations, including transferring the business to a separate entity that would pave the way for investments in modernization of the press, and inducting a strategic partner who would provide dedicated support to Infomedia18. This would also enable greater management focus on the company’s core publishing business, and accelerate the growth of the company’s magazine portfolio and Yellow Pages operations.
Any such transfer of the printing operations will be undertaken subject to receipt of shareholders approval, which will be sought through a postal ballot. |
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