Tech Mahindra on Saturday, March 23, said that it will be merging its wholly-owned step down subsidiary Born Group Inc with its parent company Tech Mahindra (Americas) Inc.
"A plan of merger of Born Group Inc, wholly-owned step down subsidiary of the company with its parent company Tech Mahindra (Americas) Inc (TMA), wholly owned material subsidiary of the company, has been approved by the respective companies on Friday, March 22, 2024," the stock exchange filing said.
Tech Mahindra said it received intimation regarding the same on March 23, 2024 at 9.22 am.
The appointed date of the plan of merger is April 1, 2024, and it is subject to regulatory approves in the country of incorporation, it said.
Born speciliases in brand strategy, brand identity exploration, visual design, and more for mobile apps, digital and phyiscal product in the US. Meanwhile, TMA provides programming support services, computer consulting and IT management and consulting services.
"The business of both entities are complimentary, henc consolidation of entities will result in synergy of business operations, optimise operational cost and reduce the compliance risk," the stock exchange filing said.
As both companies are wholly-owned subsidiaries there will be no cash consideration or issue of new shares involved under the plan of merger.
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