Tech Mahindra Announces Results of Tender Offer for Shares of Satyam
IT News Online Staff
2009-07-06
Tech Mahindra today announced the final results of the tender offer by its unit Venturbay Consultants Pvt. Ltd. to purchase up to 20% of the outstanding shares of common stock of Satyam Computer Services Ltd.
The tender offer had expired at 4:30 p.m. Indian Standard Time, on Wednesday, July 1, 2009.
The registrar to the tender offer has advised Tech Mahindra that a total of 420,915 shares of Satyam common stock (including 268,656 shares underlying ADSs) were validly tendered and not withdrawn, representing less than 0.1% of the outstanding shares of common stock.
These shares, together with the shares beneficially owned by Tech Mahindra and its unit, represent around 31.04% of Satyam's outstanding shares of common stock.
Tech Mahindra intends to subscribe for 198,658,498 additional shares at Rs. 58 a share in the subsequent allotment in accordance with the Share Subscription Agreement entered into among Satyam, Tech Mahindra and Venturbay.
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