Mumbai, April 13: Tech Mahindra on Monday won the bid for a controlling stake in the scam-hit Satyam Computer Services, This which was approved by its Board and notified to stock exchanges.
Some of the highlights of Tech Mahindra’s winning bid are:
Acquiring company: Venturbay Consultants Pvt Ltd, a Tech Mahindra subsidiary
Price at which acquisition of 31 percent stake approved: Rs 58 per share
Number of shares constituting 31 percent: 302,764,327
Amount raised by way of 31 percent stake: Rs 1,756 crore (USD 351 million)
Money to be deposited in an escrow account by April 21
If not, next highest bidder will be considered
Larsen and Toubro and consortium of Wilbur Ross-Cognizant were also in fray
Tech Mahindra to make open offer of 20 percent at Rs 58 per share
After open offer, total stake held cannot be more than 51 percent
Subscribers of American depository shares also eligible for open offer
Open offer to be made within 55 days
Company Law Board exemption for shareholder approval on preferential offer
Financial advisers: Goldman Sachs and Avendus Capital
Satyam board says no other bidder within 90 percent of Tech Mahindra's offer
Satyam board and Tech Mahindra execute share subscription pact
Two directors - Deepak Parikh and SB Mainak - abstained from decision
IANS
First Published: Monday, April 13, 2009, 00:00