In the part to acquire 51% stake of Satyam Computers Limited, Tech Mahindra, the acquisition bid winner of Satyam has announced to buy additional 20% stake to meet the obligatory 51% stake through open offer.
The offer will be opened on June 12 and closed on July 01, announced Kotak Mahindra Capital, the lead manager to the offer.
Tech Mahindra has proposes to acquire 20% stake of Satyam, or 19.90 crore shares, at Rs 58 per equity translating into a sum total of Rs 1,154 crore.
Venturbay Consultants, a wholly owned subsidiary of Tech Mahindra has won the bid of acquiring 31% stake of Satyam in Rs 1,756-crore by posting bid at Rs 58 per equity last week. The government appointed board of Satyam and Company Law Board (CLB) has approved the deal.
Now, for fully controlling the beleaguered IT firm, Tech Mahindra would have to purchase additional 20% stake through open market following the norms of acquisition.
As a part of takeover, Tech Mahindra has deposited Rs 2,910-crore comprising Rs 1,756-crore as an initial subscription amount and the additional Rs 1,154 crore necessary for the mandatory public offer in separate escrow accounts.
The market regulator Securities and Exchange Board of India (SEBI) on the request of Tech Mahindra has granted some relaxation in the norms of acquisition.
According to the eased norms, now Tech Mahindra would not be forced to disclose the financial information, and in case of the offer is not fully subscribed, the company will be allowed to acquire additional shares through a second preferential allotment.
“Accordingly, the public announcement does not contain any financial information of Satyam. The Company Law Board, in its order dated April 16, has also exempted Satyam from making any disclosures before December 2009, till the restated financials are available,” Venturbay, the acquiring company said.
According to norms of SEBI, the shares acquired through preferential allotment and open offer will be subject to lock-in period of three years and the new owner cannot sell Satyam’s assets for two years or discontinue its main business.
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