IT giant, Tata Consultancy Services (TCS) said that the Bombay High Court has approved amalgamation of CMC Limited with TCS.
"Tata Consultancy Services Ltd has informed BSE that the Hon'ble High Court of judicature at Bombay has sanctioned the Scheme of Amalgamation between CMC Limited and Tata Consultancy Services Limited on August 14, 2015 with respect to petition filed by TCS," the company said in a filing to the Bombay Stock Exchange.
The High Court of judicature at Hyderabad for the states of Telangana and Andhra Pradesh has also approved the scheme on July 20, 2015 with respect to petition filed by CMC, the statement said.
TCS has fixed October 1, 2015 as the record date to determine the names of the public shareholders of CMC, which shareholders other than TCS, who would be entitled to receive the equity shares of TCS in lieu of equity shares held in CMC.
"...equity shares of Rs. 1 each of TCS will be issued and allotted as fully paid up equity shares for every 100 (one hundred) equity shares of Rs. 10 each held by the public shareholders of CMC," the filing added.
Meanwhile, shares of TCS were trading at Rs 2563 a piece, up 0.48 per cent from the previous close at 10:34 hours on BSE.