IT firm Tech Mahindra today said its Rs 1,155 crore open offer for an additional 20% stake in Satyam Computer will begin on June 12 and close on July 1, 2009.
"The acquirer (Tech Mahindra) proposes to acquire 199 million shares of the target company (Satyam) representing 20% of the fully diluted share capital of the company at a price of Rs 58 a share," it said.
The maximum consideration payable under the open offer is Rs 1,154.66 crore.
Pursuant to successful completion of the offer, Tech Mahindra's holding in Satyam would go up to 51%.
Kotak Mahindra Capital made the announcement on behalf of Venturbay Consultants, a unit of Tech Mahindra.
Last week, Tech Mahindra outbid rivals in the race to acquire a controlling stake in tainted Satyam Computer.
The government-appointed board of Satyam had given its approval for the acquisition of a 31% stake by Tech Mahindra for Rs 1,756 crore.
The deal has also been approved by the Company Law Board. The company has already deposited Rs 2,910 crore in an escrow account for a 51%controlling stake in Satyam.
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