Tech Mah's open offer for Satyam on June 12

MUMBAI/HYDERABAD: Shareholders of Satyam Computer Services will be able to tender their shares at Rs 58 per share in an open-offer starting on June 12 and ending on July 1 this year.

The open offer to Satyam���s shareholders has been made by Venturbay Consultants Pvt Ltd, an arm of Tech Mahindra, that is set to take management control of the beleagured IT firm.

Venture Bay will acquire a 31% stake through a preferential allotment. It proposes to acquire an additional 20% stake in Satyam, offering 19.90 crore shares through the mandatory open offer. The maximum consideration payable under the offer is Rs 1154 crore, stated an official communication from Satyam.



The change in ownership at Satyam comes after its disgraced founder B Ramalinga Raju admitted to perpetrating a Rs 7,000 financial fraud.

Shares of Satyam were down 3.8% at 47.10 during intra-day trade at the BSE.