Bombay high court approves TCS, CMC amalgamation

IT major Tata Consultancy Services on Monday said the Bombay High court has approved amalgamation of CMC Limited with it.

"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 statement.

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 Re 1 each of TCS will be issued and allotted as fully paid up equity shares for every 100 equity shares of Rs 10 each held by the public shareholders of CMC," the statement said.

Share of TCS closed at Rs 2,550.7 a unit, down by 0.14%. CMC ended at 1,981.25, down by 0.3%, at BSE on Monday.