New Delhi, Indian IT major Tech Mahindra on Tuesday announced the merger of its step-down arm HealthNext with its wholly owned subsidiary Tech Mahindra (US).
According to a regulatory filing, the merger will be effective from July 1, 2024.
"Both the transferor and transferee companies are wholly owned subsidiaries and therefore no cash consideration or new shares will be issued under the plan of merger. TMA's investment in HealthNext will be canceled when the merger becomes effective," the filing said. Said.
HealthNext is a wholly owned subsidiary of Tech Mahindra (US) (TMA) and a step-down subsidiary of TechM. HealthNext is a virtual healthcare company that provides a fully integrated inpatient experience and outsourced services to the home.
TechM said the merger will bring synergy in business operations, optimize operating costs and reduce compliance risks.
The turnover of HealthNext and TMA for FY24 was US$1.07 million and US$1,153.28 million, respectively.
Shares of Tech Mahindra closed at Rs 1,428.25 on the BSE on Tuesday, up 1.96 per cent from its previous close.
According to a regulatory filing, the merger will be effective from July 1, 2024.
"Both the transferor and transferee companies are wholly owned subsidiaries and therefore no cash consideration or new shares will be issued under the plan of merger. TMA's investment in HealthNext will be canceled when the merger becomes effective," the filing said. Said.
HealthNext is a wholly owned subsidiary of Tech Mahindra (US) (TMA) and a step-down subsidiary of TechM. HealthNext is a virtual healthcare company that provides a fully integrated inpatient experience and outsourced services to the home.
TechM said the merger will bring synergy in business operations, optimize operating costs and reduce compliance risks.
The turnover of HealthNext and TMA for FY24 was US$1.07 million and US$1,153.28 million, respectively.
Shares of Tech Mahindra closed at Rs 1,428.25 on the BSE on Tuesday, up 1.96 per cent from its previous close.
