Satyam, Tech Mahindra agree to merge

MUMBAI, INDIA: Indian software services company Mahindra Satyam agreed to merge with its parent Tech Mahindra Ltd, the two companies said in separate statements on Wednesday.

Shareholders will get one share of Tech Mahindra for 8.5 shares of Satyam, the companies said.

Satyam was sold in April 2009 to Tech Mahindra, a unit of Mahindra & Mahindra, after the founder of the Hyderabad-based company admitted to one of the largest accounting frauds in India.