Mphasis & EDS India Merger Complete

Mphasis Ltd on July 24, 2007 has announced that the Hon'ble High Court of Karnataka has approved the merger of EDS Electronic Data Systems India Pvt Ltd (EDS India) with the Company, with effect from April 01, 2006. The merger was approved by the shareholders of the Company in November 2006. The order of the court has been filed with the Registrar of Companies and with this the merger of the Company and EDS India is now complete.

Speaking on the announcement, Jerry Rao, Chairman, said, "With the legal approval now in place, the Mphasis EDS combine becomes a scale player in India which has all along been a key objective. We are pleased that in strategic and in operational terms we are proceeding according to plan."

The combined entity has nearly 23,000 people on its rolls.

The High Courts at Mumbai and Karnataka sanctioned the scheme of merger on February 02, 2007 and June 19, 2007, respectively and it came into force on July 23, 2007 when it was flied with the Registrar of Companies, but is effective from April 01, 2006.

As per the approved scheme of merger, the Company will issue 44.11 million shares to EDS. Post this, EDS consolidated shareholding in the Company will be 127.11 million shares forming about 61% of the share capital of the Company.

Source : Equity Bulls

Keywords