Monday, July 6, 2009

Mahindra Satyam open offer gets poor response

Indian software services firm Tech Mahindra Ltd (TECHM.NS : 707.3 -44.8) said on Monday its open offer to the shareholders of Mahindra Satyam (SATYAM.BO : 73.9 -3.65) received less than 0.1 percent of the outstanding shares.

A total of 420,915 shares were tendered in the open offer, it said in a statement. Tech Mahindra intends to subscribe for 198.66 million additional shares at 58 rupees each, it said.

The company, which is 31 percent owned by BT Group, won an auction in April for a controlling stake in fraud-tainted Satyam Computer Services, now rebranded as Mahindra Satyam.

After the open offer is completed, Tech Mahindra will own 31.04 percent of Mahindra Satyam, formerly Satyam Computer Services Ltd.

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