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Mahindra Satyam today said its shareholders have approved the merger of the firm with its parent company Tech Mahindra.
“The shareholders of both Tech Mahindra and Mahindra Satyam have unanimously approved the scheme of amalgamation and merger of Satyam Computer Services Ltd, Venturbay Consultants, C&S System Technologies, CanvasM Technologies and Mahindra Logisoft Business Solutions with Tech Mahindra,” Mahindra Satyam said in a statement.
The decision was taken at the respective extraordinary general meeting (EGM) of the two companies held earlier earlier this week to consider the merger proposal. The EGM was convened as per the orders of Andhra Pradesh High Court.
Earlier, the two companies’ boards had proposed a swap ratio of 2:17. This means for every 17 shares held in Mahindra Satyam, shareholders will get two shares in Tech Mahindra.
Both Bombay Stock Exchange and National Stock Exchange had already given their approvals for the merger. Competition watchdog CCI too had given a go-ahead to the proposed amalgamation.
The merged entity is expected to be the country’s fifth largest software firm with an annual revenue of about $2.4 billion.
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