Shares of Tech Mahindra and Mahindra Satyam are trading higher by over 1% each after both companies announced the formal amalgamation of Mahindra Satyam with Tech Mahindra.
Tech Mahindra is up 1.3% at Rs 1,012, while Mahindra Satyam is trading higher by around 2% at Rs 117 on the Bombay Stock Exchange.
The Boards of Tech Mahindra and Mahindra Satyam had approved the merger on Mar 21, 2012. After an approval from Mumbai high court, the merger had been awaiting clearance from the Andhra Pradesh High Court, which gave the nod on Jun 11, 2013.
Milind Kulkarni to take over as new company's CFO. CP Gurnani appointed as managing director and CEO of merged entity. Anand Mahindra to be as chairman of merged entity.
Tech Mahindra is up 1.3% at Rs 1,012, while Mahindra Satyam is trading higher by around 2% at Rs 117 on the Bombay Stock Exchange.
The Boards of Tech Mahindra and Mahindra Satyam had approved the merger on Mar 21, 2012. After an approval from Mumbai high court, the merger had been awaiting clearance from the Andhra Pradesh High Court, which gave the nod on Jun 11, 2013.
Milind Kulkarni to take over as new company's CFO. CP Gurnani appointed as managing director and CEO of merged entity. Anand Mahindra to be as chairman of merged entity.
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