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Satyam Gets Nod For Fresh Issue To Tech Mahindra

08 July, 2009

Mahindra Satyam said it had approval from the Company Law Board to preferentially allot new shares to Tech Mahindra, after a poor response to a public offer to shareholders.

 
Satyam said it would issue 198.66 million new shares to Venturebay Consultants Pvt Ltd, a unit of Tech Mahindra, at 58 rupees each, taking the latter’s stake to 43 percent of the share capital.
 
Tech Mahindra bought a 31 percent stake in Satyam Computer Services for about $351 million at an auction in April, after Satyam had been hit an accounting scandal, and launched a public offer to buy up to 20 percent in the open market at 58 rupees a share.
 
However, only 420,915 Satyam shares were tendered to the offer, less than 0.1 percent of the outstanding shares, due to a recent spike in the share price of the renamed Mahindra Satyam.
 
Shares in Mahindra Satyam closed 1 percent lower at 70.45 rupees, in a Mumbai market that fell 2.8 percent.

 


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Satyam Gets Nod For Fresh Issue To Tech Mahindra

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