Tech Mahindra on Wednesday announced that the company board had approved the plan to merge Eventus Solutions Group, LLC, its wholly-owned step-down subsidiary, with its parent company viz. Tech Mahindra (Americas) Inc, wholly-owned material subsidiary of the company.
“We wish to inform that a plan of merger of Eventus Solutions Group, LLC, wholly-owned step-down subsidiary of the Company with its parent company viz. Tech Mahindra (Americas) Inc., wholly-owned material subsidiary of the Company, has been approved by the Board of Directors of the respective companies on December 10, 2024 at 02:43 p.m EST (i.e., December 11, 2024 at 01:13 a.m IST),” the company said in a regulatory filing.
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The merger is subject to regulatory approvals in the country of incorporation and the appointed date of merger, it said, is January 1, 2025.
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Since the transaction is between two wholly-owned subsidiaries of the company, Tech Mahindra said, it is exempted as per Regulation 23(5)(c) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Elaborating on the rationale for the merger, Tech Mahindra said, “The business of both entities Eventus and TMA are complimentary. Hence consolidation of these entities will result in synergy of business operations, optimization of operational cost and reduction in the compliance risk.”
Eventus provides implementation, consulting, managed services, business strategies and management practices to large corporate and governmental clients throughout the United States. Meanwhile, TMA provides computer consulting, programming support services and IT Management & Consulting Services to customers in various industries including Healthcare.
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