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| Tech Mahindra to hold 50.42 pct in |
| Tech Mahindra to hold 50.42 pct in Satyam
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| INDIA
, 9-July-2009
11:27:29 AM |
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Satyam Computer said its new owner Tech Mahindra's stake will go up to 50.42 per cent in the company following a preferential allotment of over 19.86 lakh shares.
In a filing to the Bombay Stock Exchange, Satyam said post-acquisition of additional 19,86,58,498 shares in the subsequent preferential allotment, Tech Mahindra's stake in the company would go up to 50.42 per cent.
Tech Mahindra, which acquired a 31 per cent stake in Satyam Computer for about Rs 1,756 crore in April, had launched an open offer to buy up to 20 per cent at Rs 58 a share that received poor response from public shareholders.
Only 4,20,915 Satyam shares or 0.04 per cent stake were tendered in the offer as the offer price was 30 per cent below the prevailing market price at that time, thus necessitating the beleaguered IT firm to make a preferential allotment to Tech Mahindra.
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