Two weeks after receiving approval from the Andhra Pradesh High Court, software firm Mahindra Satyam, a leading global consulting and IT services provider, on Tuesday formally announced its merger with Tech Mahindra, creating India’s fifth-largest IT services firm.
The boards of two companies had approved the merger on March 21, 2012. After an approval from Mumbai high court, the merger had been awaiting clearance from the Andhra Pradesh High Court, which was received on June 11, 2013.
However, the formal merger process, which was initially expected to take two months, was completed much earlier since the stakeholders who were against the merger failed to raise any more concerns on the companies’ amalgamation post the nod from the AP court. After this merger, Satyam will formally stop trading on stock exchanges on July 5.
As per the scheme of arrangement, Pune-based Tech Mahindra, which owns close to 43% of Satyam, will be offering one share in for every 8.5 shares of Satyam to absorb the company. Further, Tech Mahindra’s management has also confirmed that no employee will be sacked due to the merger, and the combined total headcount would be around 84,000, with the entity generating revenues of around $2.7 billion, servicing 540 customers across 46 countries.
Mahindra Satyam is a global business consulting and information technology services company leveraging deep industry and functional expertise, leading technology practices and a global delivery model to help businesses transform their processes and improve performance.
| Company Name | CMP |
|---|---|
| TCS | 3839.35 |
| Infosys | 1416.45 |
| HCL Tech. | 1347.85 |
| Wipro | 456.85 |
| Tech Mahindra | 1249.65 |
| View more.. | |
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