Mahindra Satyam has moved higher by 5% to Rs 129, bouncing back 8.4% from intra-day low, on back of heavy volumes after the board of the company has extended the validity of the scheme of amalgamation with Tech Mahindra by six months till September 30.
The stock opened at Rs 123 and hit a low of Rs 119 in morning deals on NSE. As many as a combined 2.7 million shares have already changed hands on the counter till 1504 hours against an average sub 2.6 million shares that were traded daily in past ten trading sessions on NSE and BSE.
Satyam shareholders had opposed the ratio citing valuation errors. Some had also filed a petition in court challenging the scheme.
As per the swap ratio announced in March last year, the merger would be at two shares of Tech Mahindra for 17 shares of Mahindra Satyam.
Bombay High Court has already approved the scheme, but the Andhra Pradesh High Court has not.
The stock opened at Rs 123 and hit a low of Rs 119 in morning deals on NSE. As many as a combined 2.7 million shares have already changed hands on the counter till 1504 hours against an average sub 2.6 million shares that were traded daily in past ten trading sessions on NSE and BSE.
Satyam shareholders had opposed the ratio citing valuation errors. Some had also filed a petition in court challenging the scheme.
As per the swap ratio announced in March last year, the merger would be at two shares of Tech Mahindra for 17 shares of Mahindra Satyam.
Bombay High Court has already approved the scheme, but the Andhra Pradesh High Court has not.
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