Shares of Tech Mahindra and Mahindra Satyam (formerly Satyam Computer Services) have rallied 3% each, and are trading at their respective 52-week highs, after the Bombay High Court approved the amalgamation of the four companies along with Satyam Computer Services Limited with Tech Mahindra.
“On September 28, 2012 the Hon'ble High Court of judicature at Bombay have considered and approved the amalgamation of the Venturbay Consultants Private Limited, Satyam Computer Services Limited, C&S System Technologies Private Limited, Mahindra Logisoft Business Solutions Limited and CanvasM Technologies Limited with the company,” Tech Mahindra said in a filing
The said amalgamation subject to receipt of the requisite approval from the Hon'ble Andhra Pradesh High Court, which is the relevant High Court exercising jurisdiction with respect to Satyam Computer Services Limited, it added. According to reports, firms owned by the family of Ramalinga Raju and infrastructure development and finance company IL&FS have sought the Andhra Pradesh High Court’s intervention to halt the merger process in its current form.
Tech Mahindra has rallied 5% to Rs 1,022 on the BSE. A combined 984,034 shares have changed hands on the counter so far on both the exchanges. Mahindra Satyam is trading higher by 3.2% at Rs 114.30, seen over two-fold surge in trading volumes. A combined 8.42 million shares have changed hands on the counter so far on the BSE and NSE.
