SEBI clears Tech M open offer for Satyam

Venturbay Consultants Pvt Ltd and Tech Mahindra Ltd. announced that the last date by which Letter of Offer will be dispatched to the shareholders has been revised to June 9 from the earlier scheduled date of June 3. Furthermore, last date of withdrawal by shareholders has also been revised to June 26 from the earlier scheduled date June 27. Dates for all other activities of the schedule remains unchanged. The announcement was made by Kotak Mahindra Capital Co., the lead manager to the offer. Tech Mahindra has made the open offer for acquiring an additional 20% stake in Satyam at a price of Rs58 per share. The total cost will be Rs11.55bn. The Securities and Exchange Board of India (SEBI) has cleared the open offer for Satyam by Tech Mahindra. However, the capital market regulator has asked Tech Mahindra to share with the company’s stakeholders the information Satyam had provided to the bidders.