The much-awaited merger between Mahindra Satyam and its parent company Tech Mahindra has taken one more step towards completion. As per the latest chunk of information, shareholders have approved the merger between TeckM and MSatyam.
Insiders report informed, the decision was taken at the respective extraordinary general meeting (EGM) of the two companies held earlier this week. The two companies' boards had proposed a swap ratio of 2:17 in the merger which means, for every 17 shares held in Mahindra Satyam, shareholders will get two shares in Tech Mahindra.
To rewind, Tech Mahindra had acquired Satyam Computer Services Limited long back in April 2009, just a few months after Satyam struggled with India's biggest corporate fraud. Satyam was subsequently re-named to Mahindra Satyam after that.
It is reportedly said that Tech Mahindra has now resolved almost all cases in the US, which arose due to the management fraud.
Market watchers believe, the latest merger will enable the M&M group's technology firm to become sixth biggest software giant after other bigwigs including TCS, Infosys, Cognizant, Wipro and HCL Technologies.
It is reportedly said that the management wants to complete the merger by 2012 end.
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