IT and R&D services provider MindTree Limited has informed The Board of Directors of MindTree Ltd at its meeting has approved the scheme of amalgamation of Aztecsoft Ltd with the company.

The board has sanctioned the swap ratio of 2 equity share of MindTree Ltd of Rs 10/- each, fully paid-up to be allotted for every 11 fully paid up equity shares of Rs 3/- each of Aztecsoft Ltd.

The Board has approved the swap ratio on the recommendation of Pricewaterhouse Coopers Pvt. Ltd and Adithya & Vishwas Chartered Accountants.

After the announcement, the stock of Aztecsoft surged 14% to Rs 51, while the scrip of MindTree slipped down by 1% to Rs 306.