BANGALORE, June 25 (Reuters) - Tech Mahindra completed on Monday the merger of its unit Satyam Computer Services with itself, making it the No. 5 Indian IT services provider.
The combined company will be called Tech Mahindra, according to a company statement on Tuesday.
Part of the $16 billion Mahindra group, Tech Mahindra purchased Satyam in a government-backed auction in 2009 after the founder of the Hyderabad-based company admitted to one of India’s biggest accounting frauds.
Pune-based Tech Mahindra owns close to 43 percent of Satyam. It is offering one share in itself for every 8.5 shares of Satyam to absorb the company. A date for recording the exchange is yet to be set. (Reporting By Harichandan Arakali; Editing by Gopakumar Warrier)