Sensex surges 1%; Mahindra Satyam, Tech Mahindra gain 4%
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Tech Mahindra, Mahindra Satyam Merger Approved
The board of directors of Mahindra Satyam and Tech Mahindra Ltd today gave sanction to the amalgamation of the companies.
As per the separate declarations issued by Mahindra Satyam and Tech Mahindra Ltd on March 21, it has been advocated that Satyam Computer (Mahindra Satyam) stockholders will obtain two fully paid-up equity shares of Rs 10 each of Tech Mahindra for every 17 completely paid-up shares of Rs 2 each held.
Stakeholding pattern
On a pro forma basis, the Mahindra Group will possess 26.3% equity stake in the mutual entity and British Telecom will possess 12.8% equity stake.
In addition, 10.4% equity stake will be possessed as treasury stock, 34.4% equity stake to be held by public stockholders of Mahindra Satyam and the remaining 16.1% equity stake will be held by the public shareowners of Tech Mahindra.
Tech Mahindra will issue 10.34 crore fresh scrips, thereby augmenting its outstanding scrips to 23.08 crore and its equity capital to Rs 230.8 crore.
Sensex surges 1%; Mahindra Satyam, Tech Mahindra gain 4%
the stock of both the companies Tech Mahindra, Satyam gained on March 21
Accumulate Tech Mahindra; target of Rs 750: Angel Broking
