Tech Mahindra announces open offer for Satyam sharesApril 22nd, 2009 - 1:26 pm ICT by IANS
Mumbai, April 22 (IANS) After buying 31 percent of scam-tainted Satyam Computer Services, Tech Mahindra Wednesday announced an “open offer” to acquire a further 20 percent stake so that it can get a controlling stake.
As per the next steps laid out by the Satyam board, Tech Mahindra announced the “open offer” to obtain 20 percent at Rs.58 per share for 199,079,413 shares of Satyam, the company said in a regulatory filing.
The acquisition would be done by Venturebay Consultants, a subsidiary of Tech Mahindra.
The offer will be open June 12-July 1.
The offer is not subject to any minimum level of acceptance. Tech Mahindra will acquire the 20 percent at a cost of Rs.115.4 billion ($231 million).
Automobile major Mahindra and Mahindra owns about 44.18 percent equity in Tech Mahindra, with its joint venture partner British Telecommunications having a 30.98 percent stake in the company.
The total promoter holding in the company is about 83.26 percent while the public and other institutions hold the rest.
Kotak Mahindra Capital Company is the manager to the offer which comes after Tech Mahindra deposited $351 million for a 31 percent preferential allotment of new shares in an escrow account April 21.
- Tech Mahindra's open offer for Satyam begins June 12 (Lead) - Apr 22, 2009
- Tech Mahindra gets 43 percent stake in Satyam - Jul 10, 2009
- Tech Mahindra deposits funds for Satyam stake buy - Apr 20, 2009
- Highlights of Tech Mahindra's winning bid for Satyam - Apr 13, 2009
- Tech Mahindra raises Rs.600 crore to fund Satyam acquisition - Apr 18, 2009
- Mahindra Satyam to acquire minority stake in Dion Global - Feb 10, 2012
- Rising Satyam scrip may prompt fresh issue for Tech Mahindra - Jun 11, 2009
- Mahindra Satyam quarterly net profit rises 56 percent - Aug 02, 2012
- Tech Mahindra, Mahindra Satyam to merge (Lead) - Mar 21, 2012
- Sical shareholders approve Tanglin preferential issue (Lead) - Dec 14, 2010
- Tech Mahindra posts Rs.221 crore net profit in Q4 - Apr 27, 2009
- Satyam allots 30.28 crore shares to Tech Mahindra - May 05, 2009
- Sical Logistics to acquire Tanglin Reality - Dec 14, 2010
- Tech Mahindra to announce 20 percent open offer for Satyam Tuesday - Apr 20, 2009
- Satyam gets strategic investor, fresh lease of life (Roundup) - Apr 13, 2009
Tags: acquisition, automobile, british telecommunications, computer services, escrow account, institutions, joint venture, july 1, mahindra and mahindra, percent stake, preferential allotment, promoter, subsidiary, tech mahindra, venture partner