BANGALORE (Reuters) - Tech Mahindra completed on Monday the merger of its unit Satyam Computer Services with itself, making it the No. 5 Indian IT services provider.
The combined company will be called Tech Mahindra, according to a company statement on Tuesday.
Part of the $16 billion Mahindra group, Tech Mahindra purchased Satyam in a government-backed auction in 2009 after the founder of the Hyderabad-based company admitted to one of India's biggest accounting frauds.
Pune-based Tech Mahindra owns close to 43 percent of Satyam. It is offering one share in itself for every 8.5 shares of Satyam to absorb the company. A date for recording the exchange is yet to be set. (Reporting By Harichandan Arakali; Editing by Gopakumar Warrier)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app