TCS gains after setting record date for merger of CMC

TCS rose 0.4% to Rs 2,560.85 at 9:30 IST on BSE after fixing 1 October 2015 as the record date for the scheme of merger with CMC.

Shares of CMC rose 1.65% to Rs 2,013.85.

The announcement was made after market hours yesterday, 21 September 2015.

Meanwhile, the S&P BSE Sensex was up 112.87 points or 0.44% at 26,308.95.

On BSE, so far 2,437 shares were traded in the counter as against average daily volume of 55,619 shares in the past one quarter.

The stock hit a high of Rs 2,560.90 and a low of Rs 2,545.10 so far during the day. The stock had hit a record high of Rs 2,834 on 7 October 2014. The stock had hit a 52-week low of Rs 2,348.25 on 16 December 2014.

The large-cap IT services provider has equity capital of Rs 195.87 crore. Face value per share is Re 1.

TCS said that pursuant to the scheme of merger of CMC with the company, TCS has fixed 1 October 2015 as the record date to determine the names of the public shareholders of CMC (i.e. shareholders other than TCS) who would be entitled to receive the equity shares of TCS in lieu of equity shares held in CMC. As per the scheme, all equity shares held by TCS in CMC constituting 51.12% of the total paid-up share capital of CMC shall automatically get cancelled. For the balance shareholding of 48.88% held by the public shareholders in CMC, 79 equity shares of Rs 1 each of TCS will be issued and allotted as fully paid up equity shares for every 100 equity shares of Rs 10 each held by the public shareholders of CMC as on the record date.

TCS' consolidated net profit rose 53.1% to Rs 5684.12 crore on 4.15% rise in total income to Rs 26408.37 crore in Q1 June 2015 over Q4 March 2015.

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