After the completion of the merger of consulting and IT services company Mahindra Satyam (erstwhile Satyam Computer Services Limited) with itself, Tech Mahindra on Monday co-opted T N Manoharan and M Rajyalakshmi Rao, who were directors of Mahindra Satyam, as additional directors of the combined entity.
At a meeting held today, the board of directors of the company also approved the resignations of Akash Paul, BH Wani and Raj Reddy, directors of Tech Mahindra, besides co-opting G Jayaraman as company secretary and chief compliance officer of the company effective today.
Meanwhile, a company spokesperson said that the trading of Mahindra Satyam's scrip would end from July 4, 2013 on the bourses, as the swap ratio of Mahindra Satyam and Tech Mahindra would be implemented.
The boards of directors of both the companies, had in early 2012, approved the swap ratio for the merger at 2 shares of Tech Mahindra (face value of Rs 10 each) for every 17 shares of Mahindra Satyam with a face value of Rs 10 each.
The scrips of Tech Mahindra and Mahindra Satyam ended the trade at Rs 1,034.20 and Rs 119.50 respectively on the BSE on Monday, down over 2%, as against the previous close of Rs 1,059.10 and Rs 122.15 respectively.
