Mahindra Satyam will hold its annual general meeting (AGM) here on July 31. The AGM is likely to be the last one as it awaits the Andhra Pradesh High Court permission to merge with Tech Mahindra.
The AGM will vote on the board’s recommendation of giving a dividend of 30 per cent (on shares with a face value of Rs 2 each). The investors are going to get a dividend after a gap of four years.
The company is confident of getting a positive outcome on the issue. “About 99.5 per cent of the shareholders have supported the merger. It is generally a shareholders’ decision (to ratify a merger proposal) and not a judicial one,” Vineet Nayyar, Chairman of Mahindra Satyam, told reporters after announcing the fourth quarter results recently.
The company’s net profit for the fourth quarter declined 15 per cent to Rs 454 crore from Rs 534 crore in the same quarter last year.