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The board of directors of India's largest IT Services company Tata Consultancy Services approved the merger of its subsidiary CMC.
CMC shareholders will get 79 shares of TCS for 100 shares of CMC.
Computer Maintenance Corporation or CMC merging with TCS has been going on for a few years, with the latter stating that nothing was on cards.
CMC began its journey as a state-run IT services firm in 1975, which was acquired by TCS in 2001. CMC that has primarily has been focused on the domestic market, and has remained as the subsidiary of TCS.
CMC has been witnessing spurt in volumes for a few days now. On the Bombay Stock Exchanges CMC saw a spurt in volumes by more than 3.93 times. The company's share price was up almost 2 per cent as it closed at Rs 2187.6 per share.
