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Tech Mahindra completes Satyam merger, retains own name
June 25, 2013 / 6:57 AM / 4 years ago

Tech Mahindra completes Satyam merger, retains own name

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)

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