TCS to Merge Subsidiary CMC

IT firm CMC on Thursday said it will be merged with India's largest software services firm Tata Consultancy Services. CMC is a subsidiary of TCS. "The Board of Directors of CMC and TCS have approved the amalgamation of CMC with TCS pursuant to and subject to the provisions of Sections 391 to 394 of the Companies Act, 1956," CMC said in a filing to the BSE. CMC shareholders will get 79 equity shares of Re 1 each of TCS for eve...