Tech Mahindra gets go ahead to buy stake in Satyam Computers

HYDERABAD: IT services firm Tech Mahindra on Friday got the crucial anti-trust approval from Germany, a pre-requisite for concluding a stake buy in Satyam Computer Services.

The Pune based IT services firm also needs an anti-trust from the US to conclude its stake buy in the beleaguered IT firm.

It has already got clearances from the domestic bourses, according to statement issued by Satyam.

Tech Mahindra emerged the highest bidder for Satyam at Rs 58 per share. It will acquire a 31% stake through a preferential offer and an additional 20% stake through a mandatory open offer. The open offer will be made at Rs 58 per share. The price can be raised seven days before the closure of the open offer, going by SEBI guidelines.

Satyam plunged into a crisis after its defamed founder B Ramalinga Raju confessed to perpetrating a Rs 7,000 crore financial fraud.