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Tech Mahindra stake in Satyam to go up 43%; CLB gives nod

This article was posted on Jul 8, 2009 and is filed under Stock News

NEW DELHI: Mahindra Satyam on Wednesday said it has approval from the Company Law Board to allot on preferential basis new shares to Tech
Mahindra that would take the new owner’s stake in the company to 43 per cent.

“Following the allotment of the additional shares, the outstanding share capital of Satyam will be 117.54 crore equity shares (including equity shares underlying ADSs) and Venturbay (a unit of Tech Mahindra) will hold approximately 43 per cent of the outstanding share capital,” Mahindra Satyam said in a statement today.

The CLB order also permitted the company board to appoint a statutory auditor for the financial year 2009-10, subject to it being ratified by shareholders.

Satyam said it would issue 19.86 million new shares to Venturebay Consultants at Rs 58 each, after a poor response to public offer to shareholders.

Only 420,915 Satyam shares were tendered to the offer, with the open offer price of Rs 58 a share being lower than the market price by 30 per cent during the period of offer. This accumulated less than 0.1 percent of the outstanding shares.

Tech Mahindra bought a 31 per cent stake in Satyam Computer for about Rs 1,756 crore in April and later launched a public offer to buy up to 20 per cent in the open market at Rs 58 a share.

source: Economictimes

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