23 March 2024 – Tech Mahindra announced its decision to merge its wholly-owned subsidiary, Born Group Inc, with its parent company, Tech Mahindra (Americas) Inc. The merger plan, approved by both entities on March 22, 2024, signifies a strategic consolidation within the organization.
According to the stock exchange filing, the merger plan received confirmation on March 23, 2024, at 9:22 am. The appointed date for the merger is April 1, 2024, pending regulatory approvals in the country of incorporation.
Born Group Inc specializes in brand strategy, brand identity exploration, and visual design for mobile apps, digital, and physical products in the US. On the other hand, Tech Mahindra (Americas) Inc provides programming support services, computer consulting, and IT management and consulting services.
The consolidation of these entities is expected to create synergies in business operations, optimize operational costs, and reduce compliance risks, as highlighted in the stock exchange filing. As both companies are wholly-owned subsidiaries, the merger will not involve any cash consideration or issuance of new shares.
