Tech Mahindra falls 3% as merger with Mah Satyam delayed
Mumbai: Shares of Tech Mahindra on Tuesday fell by as much as 3 percent in the morning trade following delay in the proposed merger of Mahindra Satyam with itself by six months.
Tech Mahindra scrip lost 2.85 percent to Rs 1,015.90 on the BSE.
At the NSE, the stock went down by 2.92 percent to Rs 1,015.25.
Similarly, shares of Mahindra Satyam (Satyam Computer Services) also fell by 2.81 percent to Rs 121.90.
Tech Mahindra had yesterday said it has extended the proposed merger of Mahindra Satyam with itself for six months.
"Board of directors extended the validity of the (amalgamation) scheme by a further period of six months i.E. up to September 30, 2013," the company had said in a BSE filing.
The board has extended "scheme of amalgamation and arrangement of Venturbay Consultants Pvt Ltd and Satyam Computer Services Ltd and C&S Systems Technologies Pvt Ltd and Mahindra Logisoft Business Solutions Ltd and CanvasM Technologies Ltd with Tech Mahindra Ltd and their respective shareholders and creditors", it had said.
Tech Mahindra took over reins of the scam-tainted Satyam Computer in April 2009 and rebranded it as Mahindra Satyam.