Tech Mahindra Limited — JV/Acquisition, 02-12-2024: Amalgamation/Merger

Tech Mahindra has announced a plan to merge its wholly-owned step-down subsidiaries, TM Born Group and Allyis Technology Solutions, both incorporated in Costa Rica. TM Born, with a turnover of CRC 303.50 million (approx. USD 0.58 million), is a creative digital marketing agency, while Allyis Technology Solutions, generating CRC 4,576 million (approx. USD 8.7 million), offers technological consulting and managed services. This merger aims to optimize operational costs and reduce compliance risks. As both companies are wholly-owned, there will be no cash consideration or new shares issued, maintaining the current shareholding pattern of Tech Mahindra.