Analysts gave thumbs up to the transaction of $ 1.8 billion merger involving Satyam Tech Mahindra and Mahindra, which will create India's fifth software firm with projected revenues of $ 2.4 billion.
Combined size of the new entity should allow a better chance of getting bigger clients, a stock analyst said today.
"The combined entity would have a market capitalization of the order of about Rs 17,000 crore and make it the fifth largest company Infotech in terms of market capitalization. With that, he has good chances of getting more business, bigger projects and bigger clients. In addition, it can respond to more vertical projects, "SMC Global Securities strategist and head of research Jagannadham Thunuguntla said.
However, he said he will take considerable effort and time for the new entity to reach the league Infosys or TCS. "Although game Tech Mahindra Mahindra Satyam is currently in the extent of 42.7 per cent, it will be interesting to see what the treatment will be required for this cross," he said.
He says one way to handle this is to create a trust to hold the shares of cross-portfolio called treasury stock. "If they follow this path, then the value of these treasury shares equity amounts to about Rs 4132 crores, and may issue such shares in the future whenever they need money." Indeed, this is the path that was followed and the acquisition of other companies or inorganic growth can be expected.
"British Telecom, a promoter of Tech Mahindra, will monitor this space as they hold about 23.20 per cent stake in it. As the exchange ratio is 8.5:1, British Telecom will own approximately 11.11 percent of capital of the combined entity, "he said. Overall, Thunuguntla said, there is a merger that may prove to be a win-win for all concerned, because it allows Mahindra Group Infotech consolidate their assets under one roof.
"As stated by management, the Mahindra Satyam-Tech Mahindra merger appears to be a marriage in heaven, and if they can properly execute their future activities, we can expect the" honeymoon "period of last longer, "Thunuguntla maintained.
Other analysts have similar views on the merger. "The significant overlap of business functions can be removed through this merger out of the sale of synergy and operations," Destimoney Securities Managing Director and CEO Sudip Bandyopadhyay said.
"Successful integration will result in significant benefits for the combined company, allowing it to break into the top tier of Indian Infotech companies," he added.
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