Info-tech

Mahindra Satyam board may discuss merger plan in Feb

Our Bureau Hyderabad | Updated on March 12, 2018 Published on January 10, 2012

The Mahindra Satyam leadership is likely to put the proposal to merge the company with Tech Mahindra before the board of directors in the first week of February.

The Board will meet here next month to discuss the results of third quarter ended December 31, 2011.

The company had announced that the merger move will take place this year and that it would take at least six-eight months to complete the process after it is initiated. Some retail investors had opposed the plan to merge with Tech Mahindra as valuation at this time could put them at a disadvantageous position.

The company registered revenues of Rs 1,578 crore in the second quarter ended September 30, showing a growth of 10 per cent quarter-on-quarter and profit after tax of Rs 238 crore, registering 5.7 per cent growth over the preceding quarter's profit.

Markets responded positively to the company's move to sue former board of directors, some former employees and Price Waterhouse, seeking damages from them for financial losses the company had suffered.

The company's scrip closed at Rs 74.50 up by 2.19 per cent over the previous close on the Bombay Stock Exchange on Tuesday.

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Published on January 10, 2012
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