“A Plan of Merger of Born Group, Inc., a wholly-owned step-down subsidiary of the Company with its parent company viz. Tech Mahindra (Americas) Inc., a wholly-owned material subsidiary of the Company, has been approved by the respective companies on Friday, 22nd March 2024,” the company said.
Elevate Your Tech Prowess with High-Value Skill Courses
Offering College | Course | Website |
---|---|---|
Indian School of Business | ISB Professional Certificate in Product Management | Visit |
IIM Lucknow | IIML Executive Programme in FinTech, Banking & Applied Risk Management | Visit |
Indian School of Business | ISB Product Management | Visit |
While BORN specializes in providing Brand strategy, visual design, brand identity exploration, and more for digital products, mobile apps, and physical products in the US, TMA provides computer consulting, programming support services and IT Management & Consulting Services.
Tech Mahindra (Americas) (TMA) is a wholly owned material subsidiary of the company. BORN is a wholly owned subsidiary of TMA and a step-down wholly owned subsidiary of the company.
According to the filing, the turnover of BORN and TMA for the financial year ended 31st March 2023 is USD 55.08 million and USD 1,201.37 million respectively.
“The business of both entities BORN and TMA are complimentary hence consolidation of entities will result in synergy of business operations, optimize operational cost and reduce the compliance risk,” the company said.
Discover the stories of your interest
It added that there will be no cash consideration or issue of new shares involved under the Plan of Merger. The investment of TMA in BORN will get cancelled on the merger becoming effective.
The shareholding pattern of the company will remain unchanged.