Modi Xerox and Modi Xerox Financial Services, both listed companies, would be unlisted after the amalgamation with Xerox Modi Corp, the company said in a statement here on Tuesday.

The board of Xerox Modi Corp would give an open offer to the exisiting shareholders of both the companies before the merger, the statement said.

Xerox Modi Corp would make the offer to buy 64,54,552 shares of Modi Xerox at Rs 135 per share, constituting 23.5 per cent of the total share capital of the company, it said.

It would also give an offer to buy 3,00,000 shares of Modi Xerox Financial services at Rs 100 per share, constituting 20 per cent of total shareholding of the company.

The statement said the board of Xerox Modi has also decided to issue bonus shares to existing shareholders by capitalisingreserves and increasing the share capital to Rs 25 crore.

The joint-venture partners in Xerox Modi, Modicorp and Xerox Coporation of US, have also agreed to realign their shareholding to give Xerox Corp up to 50 per cent plus one equity share in the joint venture.

The amalagamation, to be effective from April 1, 1999, would be subject to all regulatory approvals, including Foreign Investment Promotion Board, it said.