Tech Mahindra to participate in Satyam board meet on Monday

NEW DELHI: Satyam Computer said that Tech Mahindra, which has got the CLB nod for taking over the IT firm, will take part in the company board meeting on Monday to stock of the situation.

"There is a board meeting on Monday. All Satyam directors and senior officials of Tech Mahindra will participate in the meeting to take stock of the situation," a Satyam Computer spokesperson told PTI.

Tech Mahindra, which would appoint four directors on the Satyam Board, has to pay Rs 1,756 crore by April 22, 2009 for acquiring 31 per cent stake and complete ownership of Satyam would go to them after the completion of the open offer for another 20 per cent, he added.

The Company Law Board (CLB) on Wednesday approved the takeover of Satyam Computer Services by Tech Mahindra for the deal at Rs 58/share that the company bid through auction.

Tech Mahindra would have to pay Rs 1,756 crore for acquiring 31 per cent stake in Satyam Computer and deposit the requisite escrow amount of Rs 1,133 crore for the 20 per cent open offer in a separate account on or before April 21.

The aggregate amount for 51 per cent stake in Satyam is Rs 2,889 crore.