Tech Mahindra, Satyam boards to consider merger Wednesday
Hyderabad: IT major Tech Mahindra Tuesday said a board meeting will be held tomorrow to consider Mahindra Satyam's merger with itself.
Mahindra Satyam, erstwhile Satyam Computer Services, in a separate filing with BSE also said that the amalgamation will be considered in a board meeting tomorrow.
"Meeting of the Board of Directors of the Company will be held on March 21, 2012...to consider the Amalgamation of Satyam Computer Services Ltd (Mahindra Satyam) with the company...with a view to consolidate the information technology/software and related businesses and to form a single entity providing services in this sector," Tech Mahindra said in a filing with the BSE.
Tech Mahindra took over reins of the company in April, 2009 and rebranded it as Mahindra Satyam.
Shares of TechM closed at Rs 645.35 up 5.13 percent over previous close and shares of Satyam closed at Rs 74. 15 up 4.66 percent.