NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News  » Business » Satyam open offer: TechM gets US anti-trust nod

Satyam open offer: TechM gets US anti-trust nod

June 18, 2009 13:16 IST

IT firm Tech Mahindra said on Thursday it has received approval from the US anti-trust authority regarding its Rs 1,154 crore (Rs 11.54 billion) open offer for the purchase of an additional 20 per cent stake in Satyam Computer Services.

In a filing to the stock exchanges Tech Mahindra said, 'our request for early termination of the applicable waiting period relating to the offer has been granted under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. . .'

Tech Mahindra further said that 'the condition to the offer with respect to anti-trust approval under the Hart-Scott-Rodino Act has been satisfied.'

The anti-trust approval in the US was needed as both the companies -- Satyam and Tech Mahindra -- have technology outsourcing work in the United States, and also because Satyam is listed on the NYSE.

The open offer has already got anti-trust approval from Germany's competition regulator, the Federal Cartel Office, and India's tow premier bourses Bombay Stock Exchange and National Stock Exchange.

Tech Mahindra had announced an open offer on April 22 for buying an additional 20 per cent at a price of Rs 58 a share from the shareholders of the IT firm.

The open offer was made after Tech Mahindra bought 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.

The open offer, which started on June 12, will close on July 1.

© Copyright 2013 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.