Tech Mahindra’s open offer for buying up to 20 per cent stake in Satyam Computer Services ended on Wedne-sday without any significant response from the shareholders. The open offer for acquiring up to a 20 per cent stake was made at a total investment of up to Rs 1,154 crore. “Tech Mahindra has not received a significant response to its tender offer to purchase 20 per cent of Satyam Computer Services from the shareholders,” Tech Mahindra’s CFO, Mr Sonjoy Anand, said.
Tech Mahindra said in a regulatory filing “the final number of shares tendered and accepted (including shares underlying Ameri-can Depository Shares) will be announced on or about July 8, 2009.” In the event that the aggregate number of shares tendered and accepted in the offer is less than the offer size, Tech Mahindra intends to subscribe to additional Satyam shares so that it matches the offer size, the company said.
Tech Mahindra would subscribe to the said additional shares at a price of Rs 58 a piece, in accordance with the share subscription agreement between Satyam and Tech Mahindra. It is likely that Tech Mahindra would subscribe to the fresh equity shares of Satyam Computer Services to raise its stake in the company from the current 31 per cent.
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