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Persistent Systems Gets Board Nod to Merge with Wholly-Owned Arm MediaAgility

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Technology company Persistent Systems (NSE:PERSISTENT, BOM:533179) has received board approval to merge with its wholly-owned subsidiary MediaAgility India as part of an internal restructuring plan, according to a Monday filing to the Indian stock exchanges.

The merger is aimed at achieving entity rationalization and operational efficiency within the group. It is subject to the receipt of necessary statutory approvals.

As of March 31, MediaAgility India had a paid-up capital of around 3.2 million equity shares of 10 rupees each with a turnover of 365.6 million rupees.

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