Mumbai-based the Silverline Technologies Ltd. announced it will spin off its animation division into a separate entity called Silverline Animation Ltd., report REUTERS.
The draft proposal suggests issuing four shares of the new entity for every 100 shares held in the company.
The company said it expects Silverline Animation to report sales of 250 million rupees in the first year of operations with a profit after tax of 50 million rupees. Silverline Technologies also expects to have sales of 690 million rupees with a profit of 110 million rupees for the year ending March 2007.
Founded in 1992, Silverline (www.silverline.com) is a global BPO and IT consulting company trading in stock exchanges in Mumbai and the U.S. stock exchange. The company, with operations in India and across North America, provides end-to-end support solutions in:
* Customer Care and Service Management* IT Consulting and Software Development* Back-office BPO in F&A, Legal and HR* Animation and Media & Entertainment* Knowledge Process Outsourcing & ePO* Education Services* India-entry services