Hyderabad: IT major Mahindra Satyam Friday held an extraordinary general meeting (EGM) here to seek shareholders' approval to merge with parent firm, Tech Mahindra.
The EGM was convened as per the orders of Andhra Pradesh High Court.
The competition watchdog CCI and stock exchanges have already approved the proposed merger of Mahindra Satyam with Tech Mahindra, creating a USD 2.4 billion entity.
The two companies' boards have proposed a swap ratio of 2:17. This means for every 17 shares held in Mahindra Satyam, shareholders will get two shares in Tech Mahindra.
Tech Mahindra took over the scam-hit Satyam in April, 2009, and rebranded it as Mahindra Satyam. Founder-Chairman of Satyam, B Ramlinga Raju, had admitted to multi-crore accounting fraud at the firm in January 2009.
Shares of Satyam closed at Rs 76. 70 apiece on Bombay Stock Exchange Friday while scrips of Tech Mahindra closed 1 percent higher at Rs 675.65.
PTI
