Tech Mahindra raises Rs.600 crore to fund Satyam acquisitionApril 18th, 2009 - 9:01 pm ICT by IANS
Mumbai, April 18 (IANS) IT major Tech Mahindra, which needs to pay Rs.1,756 crore for acquiring 31 percent stake in the troubled IT firm Satyam Computer Services, Saturday said it has raised Rs.600 crore through debt instrument.
The government-appointed board of Satyam Monday named Venturbay - a subsidiary of Tech Mahindra - as the winner of the auction to sell a majority stake in the fraud-hit IT giant.
Under the share subscription agreement signed by the winning bidder and the board, Tech Mahindra will have to deposit the bid amount in an escrow account by April 21.
Tech Mahindra will also make an open offer for another 20 percent stake in Satyam at Rs.58 per share for controlling stake (51 percent).
The Company Law Board Thursday approved the strategic sale of Satyam to Tech Mahindra, and directed that Rs.1,756 crore ($351 million) for a 31-percent stake be submitted by April 21.
- Tech Mahindra deposits funds for Satyam stake buy - Apr 20, 2009
- Tech Mahindra gets control of Satyam Computer Services (Lead) - Apr 13, 2009
- Highlights of Tech Mahindra's winning bid for Satyam - Apr 13, 2009
- Tech Mahindra gets Company Law Board nod for Satyam buy (Lead) - Apr 16, 2009
- Satyam gets strategic investor, fresh lease of life (Roundup) - Apr 13, 2009
- Satyam board says company on way to resurrection - Apr 13, 2009
- Winning bid lifts Tech Mahindra, Satyam shares - Apr 13, 2009
- Satyam to delist shares from Euronext Amsterdam - Apr 14, 2009
- Winning bid lifts Tech Mahindra shares, Satyam up too (Lead) - Apr 13, 2009
- Tech Mahindra, Mahindra Satyam to merge (Lead) - Mar 21, 2012
- Satyam not a sinking ship, says Mahindra (Lead) - Apr 20, 2009
- Tech Mahindra announces open offer for Satyam shares - Apr 22, 2009
- Satyam to remain stand alone entity, says Mahindra (Second Lead) - Apr 20, 2009
- Satyam allots 30.28 crore shares to Tech Mahindra - May 05, 2009
- Satyam names four new directors - May 22, 2009