Tech Mahindra has completed the merger of Tech Mahindra Growth Factories and Dynacommerce India with itself, according to the company’s latest regulatory filings.
A filing with the Bombay Stock Exchange (BSE) said that the National Company Law Tribunal (NCLT) sanctioned the scheme of the merger by the absorption of Tech Mahindra Growth Factories and Dynacommerce on January 31 and February 28 respectively.
The NCLT is a quasi-judicial body that presides over issues related to Indian companies.
Tech Mahindra had announced the merger in May last year.
Tech Mahindra Growth Factories, founded in 2015, is an unlisted public company that deals with software publishing, consultancy, supply and documentation of readymade software and a host of other software services. It was set up to bring in new business avenues, including education and training services for working professionals and students. Its revenues stood at Rs 8.5 crore for the financial year 2018-19.
Dynacommerce India, based in Bengaluru, is a provider of end-to-end omnichannel solutions for mobile and fixed telecom, cable, media and utility companies. Its revenues for 2018-2019 stood at Rs.17.75 crore.
Tech Mahindra recently posted a close to 5% year-on-year decline in its consolidated net profits for the quarter ended December 31, 2019. Its profits stood at Rs 1,145.9 crore against Rs 1,202.9 crore in the same quarter last year.
Last month, the Pune-based information technology services firm said it would acquire artificial intelligence firm Zen3 Group for $64 million in an all-cash deal. The deal, which is likely to close by April 1, includes the acquisition of flagship company Zen3 Infosolutions (America) and its Indian unit Zen3 Infosolutions, a statement said.