Trading in Mahindra Satyam to be suspended from July 4
The Mahindra group had taken over Satyam Computer Services in 2009 after a multi-billion dollar accounting scam by its founder Ramalinga Raju. Tech Mahindra & Satyam announced on June 25 that the merger of the two firms had been completed.
July 01, 2013 / 08:24 IST
Moneycontrol Bureau
Mahindra Satyam (Satyam Computer Services), will be suspended from trading with effect from Thursday, July 4, 2013, following its merger with Tech Mahindra.The Mahindra group had taken over Satyam Computer Services in 2009 after a multi-billion dollar accounting scandal by its founder chairman Ramalinga Raju was unearthed.Both software services companies announced on June 25 that they had formally completed the merger. The merged entity is called Tech Mahindra now with Anand Mahindra its chairman.CP Gurnani is the managing director and chief executive officer of the merged entity and Milind Kulkarni took charge as the chief financial officer.Post the merger, the company becomes one of the top 5 IT companies, with revenue of USD 2.7 billion, and a team of 84,000 professionals servicing 540 customers across 46 countries. The company has been divided into three units -- Telecom, Enterprise and BPO (business process outsourcing).The boards of the two companies had approved the merger on March 21, 2012. The final hurdle was cleared when Andhra Pradesh High Court gave its clearance earlier this month.The share swap will take place on July 5. The swap ratio for the merger had been fixed last year at 8.5 shares of Satyam for every one share of Tech Mahindra.Also Read - US immigration bill can hit EPS of top 5 IT cos by 12-25% Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
