Blue Star board gives nod for Rs 6.50 dividend

Blue Star has informed the exchanges that its board of directors on Friday approved provision of dividend at ₹6.50 a share for 53,91,383 equity shares to be issued to the shareholders of Blue Star lnfotech (BSIL) post-completion of amalgamation in accordance with the swap ratio. According to a composite scheme of amalgamation between BSIL and Blue Star lnfotech Business Intelligence & Analytics Pvt Ltd and the company, shareholders of BSIL as on record date will receive seven equity shares of Blue Star of face value ₹2 each for 10 shares of face value ₹10 each held in BSIL. The amalgamation proposal has been admitted by the High Court of Judicature at Bombay on March 4 and the petition has been fixed for hearing on April 15. Shares of Blue Star gained 0.96 per cent at ₹331.80 on the NSE while those of BSIL closed up 1.7 per cent at ₹217.25.