Tech Mahindra completes acquisition of 31% Satyam stake
IT firm Satyam Computer has said its new owner Tech Mahindra has completed the process for acquiring 31 percent stake in the company.
Satyam informed Bombay Stock Exchange that Tech Mahindra, via its subsidiary Venturbay Consultants, has been allotted 30,27,64,327 shares or 31 percent stake in the firm.
Last month, Tech Mahindra - a company owned by Indian auto major Mahindra & Mahindra - had outbid others in the race to acquire a majority stake in the troubled Satyam Computer Services, following which Venturbay had deposited Rs 1,756 crore in the escrow account as the subscription amount for the initial shares.
"Since the conditions precedent to the allotment of the initial shares have now been satisfied by the parties, the funds have been released from the escrow account to the company's account. The company expects to use the fund for general corporate purposes, including repayment of certain existing loans," Satyam said ia a filing to BSE.
Consequent to the said allotment, the paid-up capital of the company has gone up to Rs 195.34 crore, from Rs 134.79 crore, the filing said.
Further, Tech Mahindra would be making a cash tender offer to the public shareholders for acquiring an additional 20 percent, at a minimum of Rs 58 per share, which is scheduled to begin on 12th June.
Tech Mahindra has valued Satyam at about Rs 5,800 crore. BT Group Plc owns 31 per cent stake in Tech Mahindra.
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