 "Tech Mahindra completes share swap")
Tech Mahindra, today announced that it has completed the process of allocating shares of Tech Mahindra to the shareholders of erstwhile Satyam Computer Services. This also means that the issued capital of the company has gone up from earlier 129 million shares to 232 million shares.
Subsequent to the scheme of amalgamation between Mahindra Satyam and Tech Mahindra becoming effective, the Board of Directors fixed July 5, 2013 as the Record Date for Mahindra Satyam shareholders. The shares swap has since been completed and the Stock Exchanges have accorded their approval for trading the new shares effective July 12, 2013.
Commenting on this development, Jayaraman G, Company Secretary & Chief Compliance Officer said, "This is a very important milestone for Tech Mahindra, as we move ahead in our new journey. The quick completion of share swap indicates our commitment to create value for our shareholders."
Earlier, the Scheme of Amalgamation and Arrangement was approved by the Hon’ble High Courts of Andhra Pradesh and Mumbai. The company then had launched Tech Mahindra as the brand identity of the merged entity.