BPO solutions provider Mphasis BFL said on Wednesday it will merge the entire business and undertaking of EDS Electronic Data Systems (India) with itself.
The board of directors in its meeting has approved the proposed scheme of amalgamation, which will take effect from April 1, the company informed the Bombay Stock Exchange.
The board has also approved the share swap ratio of five equity shares of the company of face value of Rs 10 each for every four equity shares of EDS India, it said.
After the merger, EDS stake in the company would increase to 61.8 per cent from about 51.4 per cent currently, it said.
"The
combined entity will help us achieve an optimal business model in India and provide dear career paths and opportunities for all employees as we also enhance the service offering to our clients", Mphasis CEO Jerry Rao said.
The process of integrating EDS India into the company is expected to be completed by the end of this year but would be effective from April 1 as per the merger proposal approved by boards of both companies, the company said.
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