Tech Mahindra, the information technology services subsidiary of Mahindra & Mahindra, which has deposited the money required to acquire 51 per cent stake in Satyam Computer Services, today announced an open offer for buying the shares of the latter. The offer opens on June 12 and closes on July 1.
Kotak Mahindra Capital Company Ltd is the manager to the offer. Tech Mahindra, the successful bidder for 31 per cent equity in Satyam, proposes to acquire another 199 million shares, representing 20 per cent of the fully-diluted share capital, at Rs 58 a share. The maximum amount payable under the offer is Rs 1,154.66 crore, according to the company.
The Satyam scrip closed at Rs 46.90 on the Bombay Stock Exchange on Wednesday, down 4.19 per cent from the previous day’s close of Rs 48.95. Tech Mahindra stock declined 3.71 per cent to Rs 306.30 today, from a close of Rs 318.10 on Tuesday.
Tech Mahindra, on Tuesday, had deposited the initial subscription amount of Rs 1,756 crore and the additional Rs 1,154 crore necessary for the mandatory public offer in separate escrow accounts.
Satyam, Tech Mahindra and Venturbay Consultants, a subsidiary controlled by Tech Mahindra, have entered into a share subscription deal for the acquisition of 31 per cent share capital of Satyam. Following this, Tech Mahindra was required to make a public offer to acquire 20 per cent of the enhanced share capital of Satyam at a minimum price of Rs 58 a share.
Satyam has got final approval from the Securities and Exchange Board of India (Sebi) for the takeover. Sebi has sent two letters to Satyam granting certain exemptions from its Takeover Regulations. Satyam is now sending these letters to the US Securities and Exchange Commission (SEC).
Venturbay Consultants would, directly or through an affiliate, file the tender offer documentation with all regulatory authorities, including Sebi and the SEC
Source: Business-Standard