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Rediff.com  » Business » Tech Mahindra makes changes in Satyam open offer

Tech Mahindra makes changes in Satyam open offer

June 05, 2009 11:25 IST

IT firm Tech Mahindra has extended the date for approaching the shareholders of Satyam Computer Services regarding its Rs 1,154-crore (Rs 11.54 billion) open offer for the purchase of a 20 per cent stake in the scam-hit firm, a move which comes days after market regulator Securities and Exchange Board of India cleared the open offer.

In a filing to the Bombay Stock Exchange, Satyam Computer said the last date by which letter of offer will be dispatched to the shareholders has been revised to June nine, from the earlier scheduled date of June three.

Further, the last date of withdrawal by shareholders has also been revised to June 26, from the earlier June 27.

"Dates for all other activities of the schedule remains unchanged," the filing added.

The Securities and Exchange Board of India had received the open offer for its consideration on May 6, and issued its 'observations' on May 27.

Through Venturbay Consultant, its acquisition vehicle for the Satyam Computer purchase, Tech Mahindra had announced an open offer on April 22 for buying an additional 20 per cent from the shareholders of the IT firm.

The open offer was made pursuant to Tech Mahindra buying a 31 per cent stake in Satyam for Rs 1,756 crore (Rs 17.56 billion) through the issue of preferential shares after an auction process conducted by the government-appointed board of Satyam.

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