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Some of the minority shareholders of Mahindra Satyam have opposed the share swap ratio for the merger with Tech Mahindra.
Participating in the special annual general meeting (AGM) convened by the court here on Friday, they felt that they should have waited till 2014 so that the company's performance turned positive, improving the share value.
The board proposed a swap ratio of 2:17. Mahindra Satyam shareholders will get two shares of Tech Mahindra of Rs 10 each for every 17 shares they hold.
Others, however, were happy with the swap ratio. “We lost hope on our investments two years ago when the scam felled the share price. But now we are happy about the development (merger) and hope to see appreciation in share value,” he said.
Mr Vineet Nayyar, Chairman of Mahindra Satyam, said the decision on the swap ratio was taken after due diligence was conducted by consultants.
Later, the shareholders voted on the merger proposal. Attending the AGM, observers deputed by the court noted down the objections raised by some of the shareholders.
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