Shares of Scandent Solutions Corporation Ltd., formed by the merger of IT services business of SSI Ltd. and the Scandent Group, got listed at Rs190 on the Stock Exchange, Mumbai (BSE) on Wednesday.

At 11:25 a.m., the stock was quoted at Rs205, after hitting a peak of Rs228, and a low of Rs190. Traded volumes on the counter stood at 916,885 shares on BSE.

The Scheme of Arrangement for the de-merger of the IT services business of SSI into Scandent was approved by the High Courts of Karnataka and Chennai on September 20, 2004 and September 22, 2004, respectively.

The appointed date for the de-merger is July 2, 2004.

Consequent to the de-merger, one new share of Scandent was issued for each share of SSI.

Pursuant to the court approvals, Scandent made an application to BSE and the Securities and Exchange Board of India (SEBI) for obtaining their clearance for the listing of its existing shares and the shares to be issued to the shareholders of SSI.

Upon receipt of the approval from the SEBI, the company got the approvals from BSE, the National Stock Exchange of India Ltd. (NSE), Chennai and Ahmedabad Stock Exchanges for listing of the shares.

Scandent Group promoters own 42% of the total equity in Scandent Solutions Corp., while SSI promoters hold 13% and the balance 45% is with the public.