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TATA CONSULTANCY SERVICES LTD. - Outcome of Board Meeting - CMC Limited amalgamates with TCS
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16 Oct 2014
Tata Consultancy Services Ltd has informed BSE that the Audit Committee of the Company at its meeting held on October 16, 2014, have furnished their Report recommending the Scheme of Amalgamation of CMC Limited (CMC) with the Company (Scheme) formulated under sections 391-394 and other applicable provisions, if any, of the Companies Act, 1956 or any statutory modifications, re-enactments or amendments thereof from time to time. The Boards of the Company and of its subsidiary, CMC at their respective meetings held on October 16, 2014 have approved the Scheme.&lt;br/&gt;&lt;br/&gt;As per the terms of the Scheme, shareholders of CMC (other than TCS) will receive 79 equity share(s) of Rs. 1 each of TCS for every 100 equity share(s) of Rs. 10 each of CMC held by them. The Swap Ratio has been arrived at based on the valuation report prepared by B.S.R. and Associates LLP.&lt;br/&gt;&lt;br/&gt;The appointed date for the proposed Scheme is April 01, 2015. The Scheme is subject to sanction of the Honble High Courts and all other statutory approvals as may be required under law.
View all announcements for TATA CONSULTANCY SERVICES LTD. Source: BSE India