The long awaited merger of Tech Mahindra and Mahindra Satyam seems to be nearing.
The Bombay High Court on Friday, Sptember 28, approved the amalgamation of Satyam Computer Services, Venturbay Consultants, CanvasM, C&S System Technologies and Mahidnra logisoft Business Solutions with Tech Mahindra.
The decision is subject to receipt of an requisite approval from the Andhra Pradesh High Court.
Tech Mahindra had earlier announced the merger plans of the two firms, but the final merger needs the approval from High Court of Bombay and Andhra Pradesh. With a share swap ratio of 2:17 (two shares of Tech Mahindra will get 17 shares of Mahindra Satyam), the merged entity will be around $2.5 billion IT services company. The merger is effective April 1, 2011.
