Wipro Q2 Results: Board approves merger of 5 wholly-owned subsidiaries into ‘Wipro Ltd’; check details

livemint.com:

Wipro Q2 Results: Azim Premji-backed Wipro announced on Wednesday, October 18 that the IT major's board had approved the merger of five of its wholly-owned subsidiaries into ‘Wipro Ltd’. The five subsidiaries include Wipro HR Services, Wipro Overseas IT Services, Wipro Technology Product Services, Wipro Trademark Holding, and Wipro VLSI Design Services, according to a regulatory filing by the company to the stock exchanges today.

The amalgamation is subject to the approval of regulatory authorities, said Wipro in its statement. ‘’The Board of Directors of the Company, at its meeting held over October 17-18, 2023, considered and approved a scheme of amalgamation ("Scheme") pursuant to Sections 230 to 232 and other relevant provisions of the Companies Act, 2013, providing for the merger of the following wholly-owned subsidiaries with and into Wipro Limited (“Transferee Company"): 1) Wipro HR Services India Private Limited 2) Wipro Overseas IT Services Private Limited 3) Wipro Technology Product Services Private Limited (formerly known as Encore Theme Technologies Private Limited) 4) Wipro Trademarks Holding Limited 5) Wipro VLSI Design Services India Private Limited (collectively “Transferor Company") The Scheme is subject to necessary statutory and regulatory approvals under applicable laws, including approval of the National Company Law Tribunal,'' said Wipro in its exchange filing.