Tech Mahindra’s open offer for Satyam begins June 12

July 10th, 2009 MUMBAI - Mahindra Satyam, formerly Satyam Computer Services, Friday said it has allotted 198.6 million shares to Venturebay Consultants, a Tech Mahindra arm. After this allotment, Tech Mahindra will hold about 43 percent in the company.

June 23rd, 2009 HYDERABAD - Two days after Satyam Computer Services was re-branded as Mahindra Satyam, the company Tuesday announced changes in its leadership with Tech Mahindra's head of international operations C.P. Gurnani being named the outsourcer's new chief executive.

June 21st, 2009 HYDERABAD - Satyam Computer Services has been renamed as Mahindra Satyam, while the logo will be adopted from the Mahindra Group. Tech Mahindra had bought it in April, The decision was taken at a closed-door meeting attended by top executives of Tech Mahindra in Hyderabad.

June 11th, 2009 NEW DELHI - The surge in the Satyam Computer Services scrip might prompt the scam-tainted IT major to issue fresh shares to its new owner Tech Mahindra, analysts say. Tech Mahindra, which acquired 31 percent stake in Satyam in a global auction, is required under the bidding process stipulations to make an open offer for another 20 percent.

May 22nd, 2009 NEW DELHI - India's fourth largest outsourcer Saytam Computers Friday said it has appointed four more directors on its board following a Company Law Board (CLB) directive April 16. The appointments were also as per a share subscription agreement between Tech Mahindra and its subsidiary Venturbay Capitals, which is acquiring a controlling stake in the scam-hit Satyam.

May 5th, 2009 MUMBAI - Satyam Computer Services Tuesday said it has allotted 30.28 crore equity shares, representing 31 percent of the share capital, to Venturbay Consultants, a subsidiary of Tech Mahindra, which is acquiring a controlling stake in the scam-hit IT major. 'The board of directors of the company allotted 30,27,64,327 equity shares on preferential basis to Venturbay Consultants,' the company said in a statement.

April 27th, 2009 NEW DELHI - IT services exporter Tech Mahindra, which is taking over the fraud-hit IT giant Satyam Computer Services, Monday reported a net profit of Rs.221.3 crore for the fourth quarter of 2008-09. The company had reported a loss of Rs.207.07 crore in the corresponding period in 2007-08 after it accounted for one-time expense of Rs.440 crore, an official statement said.

April 22nd, 2009 MUMBAI - After buying 31 percent of scam-tainted Satyam Computer Services, Tech Mahindra Wednesday announced an 'open offer' to acquire a further 20 percent stake so that it can get a controlling stake. As per the next steps laid out by the Satyam board, Tech Mahindra announced the 'open offer' to obtain 20 percent at Rs.58 per share for 199,079,413 shares of Satyam, the company said in a regulatory filing.

April 20th, 2009 HYDERABAD - Tech Mahindra, the new owner of Satyam Computer Services, Monday said the fraud-hit IT major would remain a stand-alone entity in the foreseeable future. Excited about the prospects of the fraud-hit IT major, the buyer declared that restoring Satyam's financial health will be its priority.

April 20th, 2009 HYDERABAD - Tech Mahindra, the new owner of Satyam Computer Services, Monday said it was excited about the prospects of the fraud-hit IT major and that restoring financial health was the priority. After the first meeting with the government-appointed board, Anand Mahindra, chief of Mahindra Group, said Satyam would remain a stand-alone unit in foreseeable future and its leadership would continue with marginal changes.

April 20th, 2009 HYDERABAD - Tech Mahindra, the IT arm of auto major Mahindra and Mahindra, Monday said it has deposited the amount needed for acquiring a majority stake in the fraud-hit Satyam Computer Services. Venturbay Consultants, a subsidiary of Tech Mahindra, was to pay $351 million for a 31 percent preferential allotment of new shares and would then make an open offer for a further 20 percent of the company at a cost of about $231 million, a company statement said.

April 16th, 2009 NEW DELHI - The Company Law Board Thursday approved the strategic sale of Satyam Computer Services to Tech Mahindra, and directed the consideration of Rs.1,756 crore (Rs.17.56 billion/$351 million) for a 31-percent stake be submitted by April 21. Tech Mahindra, which is acquiring Satyam through its subsidiary Venturbay, has also been allowed to make an open offer for another 20 percent stake at Rs.58 per share in India's fourth largest software exporting company.

April 13th, 2009 MUMBAI - Tech Mahindra has bought a 31 percent stake in the fraud-hit Satyam Computers on Monday. Tech Mahindra outbid Larsen and Toubro and other companies.

April 13th, 2009 MUMBAI - Shares of Satyam Computer Services shot up Monday after its board named Tech Mahindra as the highest bidder to take over a strategic stake of 31 percent in the company for Rs.1,756 crore ($351 million). Tech Mahindra, which will also make an open offer for another 20 percent stake in the scam-hit company through its subsidiary Venturbay Consultants, also saw its shares soar over 12 percent soon after the announcement.

April 13th, 2009 MUMBAI - Following are the highlights of Tech Mahindra's winning bid for a controlling stake the scam-hit Satyam Computer Services, which was approved by its board here Monday and notified to stock exchanges: - Acquiring company: Venturbay Consultants Pvt Ltd, a Tech Mahindra subsidiary - Price at which acquisition of 31-percent stake approved: Rs.58 per share - Number of shares constituting 31 percent: 302,764,327 - Amount raised by way of 31-percent stake: Rs.1,756 crore ($351 million) - Money to be deposited in an escrow account by April 21 - If not, next highest bidder will be considered - Larsen and Toubro and consortium of Wilbur Ross-Cognizant were also in fray - Tech Mahindra to make open offer of 20 percent at Rs.58 per share - After open offer, total stake held cannot be more than 51 percent - Subscribers of American depository shares also eligible for open offer - Open offer to be made within 55 days - Company Law Board exemption for shareholder approval on preferential offer - Financial advisers: Goldman Sachs and Avendus Capital - Satyam board says no other bidder within 90 percent of Tech Mahindra's offer - Satyam board and Tech Mahindra execute share subscription pact - Two directors - Deepak Parikh and S.B. Mainak - abstained from decision