- By Vaamanaa Sethi
- Wed, 25 Oct 2023 05:15 PM (IST)
- Source:JND
Tech Mahindra's board of directors has granted approval for the merger by absorption of three of the company's subsidiaries, including their respective shareholders. This decision was announced concurrently with the release of the company's financial results for the September quarter.
"The Board of Directors of the Company at its Meeting held on 25th October, 2023, subject to requisite approved the Scheme of Merger by Absorption of Perigord Premedia (India) Private Limited and Perigord Data Solutions (India) Private Limited and Tech Mahindra Cerium Private Limited, wholly owned subsidiaries of the Company, with the Company and their respective shareholders ("Scheme") under section 230 to 232 and other applicable provisions of the Companies Act, 2013," it said in an exchange filing.
Tech Mahindra's board of directors has granted approval for the merger by absorption of three of the company's subsidiaries, including their respective shareholders. This decision was announced concurrently with the release of the company's financial results for the September quarter.
"The Board of Directors of the Company at its Meeting held on 25th October, 2023, subject to requisite approved the Scheme of Merger by Absorption of Perigord Premedia (India) Private Limited and Perigord Data Solutions (India) Private Limited and Tech Mahindra Cerium Private Limited, wholly owned subsidiaries of the Company, with the Company and their respective shareholders ("Scheme") under section 230 to 232 and other applicable provisions of the Companies Act, 2013," it said in an exchange filing.
Tech Mahindra's board of directors has granted approval for the merger by absorption of three of the company's subsidiaries, including their respective shareholders. This decision was announced concurrently with the release of the company's financial results for the September quarter.
"The Board of Directors of the Company at its Meeting held on 25th October, 2023, subject to requisite approved the Scheme of Merger by Absorption of Perigord Premedia (India) Private Limited and Perigord Data Solutions (India) Private Limited and Tech Mahindra Cerium Private Limited, wholly owned subsidiaries of the Company, with the Company and their respective shareholders ("Scheme") under section 230 to 232 and other applicable provisions of the Companies Act, 2013," it said in an exchange filing.
It was also communicated that the Scheme's Appointed Date will be April 1, 2024, unless otherwise directed or sanctioned by the relevant National Company Law Tribunal ("NCLT") or another pertinent authority.
Mahindra Group’s IT arm board of directors on Wednesday also announced an interim dividend of Rs 12 per share of Rs 5 each, which is 240% of the face value.
"Declared Interim dividend of Rs. 12/- per equity share of Rs. 5/- each i.e. 240% of the face value," the company said in an exchange filing.
The IT firm has set November 2, 2023, as the record date for identifying the eligible members to receive the interim dividend. The distribution of the interim dividend to the company's equity shareholders, whose names are listed in the Register of Members or recorded as beneficial owners of the shares in Depositories, is scheduled for November 21, 2023.
The board of Tech Mahindra proposed a final dividend of Rs 32 per equity share with a face value of Rs 5, amounting to 640% of the face value for the financial year concluding on March 31, 2023.
Tech Mahindra's financial results for the July-September (Q2) quarter exhibited a significant drop in its profit after tax (PAT), alongside a slight decrease in revenue. Its consolidated revenue from operations declined by 2% to Rs 12,863.9 crore in Q2FY24 against Rs 13,129.5 crore in the year-ago period.
The consolidated profit after tax (PAT) for the reviewed quarter amounted to Rs 505.3 crore, reflecting a significant 61.1 percent decline year-on-year compared to Rs 1,299.2 crore in the second quarter of FY23. In terms of PAT in dollars, it reached $59 million, marking a notable 29.3 percent decrease compared to the previous quarter and a substantial 62.5 percent drop year-on-year.