Tech Mahindra hikes stake in Mahindra Satyam to 42.7 pc

Mahindra Satyam in a disclosure to BSE said that pursuant to the acquisition of over four crore shares in the open offer and over 19.86 crore shares on preferential allotment, Tech Mahindra now holds over 50.18 crore shares representing 42.7 per cent stake in the IT firm.

The Mahindra Satyam board at its meeting today cleared a proposal of Venturbay to hike its stake in the company to 42.7 per cent from the earlier 31 per cent through a second round of preferential share allotment.

Tech Mahindra had bought 31 per cent stake in Satyam Computer for about Rs 1,756 crore through preferential allotment, and later renamed the company as Mahindra Satyam. It launched an open offer to buy up to 20 per cent at Rs 58 a share that received lukewarm response from public shareholders.

Only 4,20,915 shares, or 0.04 per cent stake, were tendered in the offer as the offer price was 30 per cent below the prevailing market price at that time.

Shares of Mahindra Satyam closed at Rs 74.50, up 2.05 per cent on the BSE.