Tech Mahindra acquires 31pc of Satyam

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Tech Mahindra
Mumbai, May 6: Satyam Computers on Tuesday, May 5 revealed that its new owner, Tech Mahindra has completed the process for acquiring 31 per cent stake in the company which comprises of 300.27 million shares.

In a filing to the BSE through its subsidiary Venturbay Consultants, Satyam informed that Tech Mahindra has been allotted 30,27,64,327 shares of the firm.

In the bidding to acquire the fraud-hit Satyam Computers, Tech Mahindra in Apr outbid the other contenders after 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," the filing added.

Now, the Tech Mahindra's payment to Satyam has reached Rs 195.34 crore, from Rs 134.79 crore. Beginning from Jun 12, Tech Mahindra will be making offers to the public shareholders for acquiring an additional 20 per cent, at a minimum of Rs 58 per share.

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