Happiest Minds Subsidiary Merges Aureus Tech Systems With Itself

Aureus, which belongs to the IT industry, is engaged in the business of providing Azure native digital product engineering services in insurance and reinsurance, and healthcare and life sciences industries, it said. "Since the transferor company is a wholly owned subsidiary of the transferee company, no shares of the transferee company shall be allotted pursuant to merger in exchange of the shares of the transferor company."

The transaction will lead to a simplified management structure, which in turn will result in better administration, reduction in costs and standardisation of business processes, according to Happiest Minds.

The move will also lead to greater integration and improve the IT services firm's financial strength. This will lead to maximisation of shareholder value and also the financial position of the merged entity, the filing stated.

The merger will also lead to pooling of resources, resulting in synergies of operations, optimisation of logistics and cost savings. The deal will also lead to simplification of the group’s structure, leading to reduced statutory compliances, it added.