Tech Mahindra Approves Merger of Subsidiaries PPIPL, PDSIPL, TMCPL

Tech Mahindra, a leading global technology and digital transformation company, has taken a significant step towards consolidation by approving the merger of its wholly-owned subsidiaries, Perigord Premedia (India) Private Limited (PPIPL), Perigord Data Solutions (India) Private Limited (PDSIPL), and Tech Mahindra Cerium Private Limited (TMCPL) with the parent company. The decision was made during the Company's Board of Directors meeting held on October 25, 2023.

The merger, subject to necessary approvals and consents, is set to streamline the organization's operations and resources. The appointed date for the merger is scheduled for April 1, 2024, or as directed by the National Company Law Tribunal (NCLT) or any other relevant authority.

All assets and liabilities of PPIPL, PDSIPL, and TMCPL will be transferred to Tech Mahindra at their current carrying values. This will conclude any inter-company balances or agreements between the subsidiary companies and Tech Mahindra, affecting the company's financial records accordingly.

Tech Mahindra holds the entire share capital of the Transferor Companies. Upon the merger's effectiveness, no new shares of Tech Mahindra will be issued in exchange for the holdings in the Transferor Companies. As a result, the equity shares held in the Transferor Companies will be canceled on the Effective Date without the need for additional paperwork.

This strategic move reflects Tech Mahindra's commitment to optimizing its corporate structure and enhancing operational efficiency. The merger aims to simplify the organization's framework and leverage synergies to better serve its clients and stakeholders. The company is now set to seek the necessary approvals and consents to proceed with this transformational merger.