Mahindra Satyam, the erstwhile Satyam Computer Services Limited, will be merged into Tech Mahindra, of the Mahindra & Mahindra Group.
The deal was approved by the boards of the two companies today with an exchange ratio of two shares of Tech Mahindra (face value of Rs.10 each) for every 17 shares of the Mahindra Satyam (face value of Rs.2 each).
The merger is expected to create India's fifth largest software services exporter, with revenues of approximately US $2.4 billion, 75,000-odd workforce and over 350 active clients including some of Fortune Global 500 spread over 54 countries. The boards of the two companies approved a proposal for merger along with certain wholly owned subsidiaries.
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