Satyam share offer to open on 12 June: Tech Mahindra

Information technology firm Tech Mahindra on Wednesday said its Rs1154.66-crore open offer for an additional 20 per cent stake in Satyam Computer Services will begin on 12 June and close on 1 July 2009.

In a public announcement made to the shareholders of Satyam, Tech Mahindra said that it ''proposes to acquire 19.90 crore shares of the target company (Satyam) representing 20 per cent of the fully diluted share capital of the company at a price of Rs58 a share". Successful completion of the offer would see Tech Mahindra's holding in Satyam going up to 51 per cent.

Kotak Mahindra Capital made the announcement on behalf of Venturbay Consultants, a unit of Tech Mahindra.

Last week, Tech Mahindra outbid others in the race to acquire a controlling stake in the tainted Satyam (See: Tech Mahindra edges out L&T to acquire Satyam).

The deal has been approved by the Company Law Board, and the company has already deposited Rs2,910 crore in an escrow account for a 51-per cent controlling stake in Satyam. However, the deal may still need to clear regulatory hurdles in the United States and Europe. (See: CLB okays Satyam sale to Tech Mahindra)