Mumbai, April 13 (Inditop) Following are the highlights of Tech Mahindra’s winning bid for a controlling stake the scam-hit Satyam Computer Services, which was approved by its board here Monday and notified to stock exchanges:
– Acquiring company: Venturbay Consultants Pvt Ltd, a Tech Mahindra subsidiary
– Price at which acquisition of 31-percent stake approved: Rs.58 per share
– Number of shares constituting 31 percent: 302,764,327
– Amount raised by way of 31-percent stake: Rs.1,756 crore ($351 million)
– Money to be deposited in an escrow account by April 21
– If not, next highest bidder will be considered
– Larsen and Toubro and consortium of Wilbur Ross-Cognizant were also in fray
– Tech Mahindra to make open offer of 20 percent at Rs.58 per share
– After open offer, total stake held cannot be more than 51 percent
– Subscribers of American depository shares also eligible for open offer
– Open offer to be made within 55 days
– Company Law Board exemption for shareholder approval on preferential offer
– Financial advisers: Goldman Sachs and Avendus Capital
– Satyam board says no other bidder within 90 percent of Tech Mahindra’s offer
– Satyam board and Tech Mahindra execute share subscription pact
– Two directors – Deepak Parikh and S.B. Mainak – abstained from decision
