Merger announced

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE

The Boards of Directors of Tech Mahindra and Satyam Computer Services Limited, ("Mahindra Satyam"), in their respective meetings held, approved a proposal to merge Mahindra Satyam with Tech Mahindra along with certain wholly-owned subsidiaries of Mahindra Satyam and Tech Mahindra.

Anand G. Mahindra, Chairman, Tech Mahindra, said, "This merger will help propel the combined entity into the top tier of Indian software and services companies, achieving the Group's key objective of being in a leadership role in each of our focus business areas."

Vineet Nayyar, Vice-Chairman & Managing Director, Tech Mahindra and Chairman, Mahindra Satyam, said, "This merger is a key part of our strategy to deliver industry-leading performance."

C. P. Gurnani, Whole-time Director & CEO, Mahindra Satyam, said, "The Mahindra Satyam turnaround is a shining story of determination and grit and now comes to its most important chapter, with this merger."

According to the merger scheme approved by both the Boards, the merger is proposed to be undertaken through a Court approved Scheme of Arrangement under Sections 391 to 394 of the Companies Act, 1956. The proposed Scheme of Arrangement will be subject to the approvals of the Bombay High Court at Mumbai and the Andhra Pradesh High Court at Hyderabad. The merger will further be subject to various statutory approvals, including those from the shareholders and the lenders / creditors.



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