Tech Mahindra completes share swap
13th July 2013 | By
Mouseworld Now Correspondent
New Delhi, India, July 13, 2013: IT player Tech Mahindra has announced that it has completed the process of allocating shares of Tech Mahindra Ltd. to the shareholders of erstwhile Satyam Computer Services Ltd. This also means that the issued capital of the company has gone up from earlier 129mn shares to 232mn shares.
Subsequent to the Scheme of Amalgamation between Mahindra Satyam and Tech Mahindra becoming effective, the Board of Directors fixed July 5, 2013 as the Record Date for Mahindra Satyam shareholders. The shares swap has since been completed and the Stock Exchanges have accorded their approval for trading the new shares effective July 12, 2013.
Jayaraman G, Company Secretary & Chief Compliance Officer, Tech Mahindra, said, “This is a very important milestone for Tech Mahindra, as we move ahead in our new journey. The quick completion of share swap indicates our commitment to create value for our shareholders.”
Earlier, the Scheme of Amalgamation and Arrangement was approved by the Hon’ble High Courts of Andhra Pradesh and Mumbai. The company then had launched Tech Mahindra as the brand identity of the merged entity.
© Mouseworld Now News Service