Tech Mahindra, the information technology services subsidiary of Mahindra & Mahindra, which has deposited the money required to acquire 51 per cent stake in Satyam Computer Services, today announced an open offer for buying the shares of the latter. The offer opens on June 12 and closes on July 1.

Kotak Mahindra Capital Company Ltd is the manager to the offer. Tech Mahindra, the successful bidder for 31 per cent equity in Satyam, proposes to acquire another 199 million shares, representing 20 per cent of the fully-diluted share capital, at Rs 58 a share. The maximum amount payable under the offer is Rs 1,154.66 crore, according to the company.

Tech Mahindra, on Tuesday, had deposited the initial subscription amount of Rs 1,756 crore and the additional Rs 1,154 crore necessary for the mandatory public offer in separate escrow accounts.

Satyam, Tech Mahindra and Venturbay Consultants, a subsidiary controlled by Tech Mahindra, have entered into a share subscription deal for the acquisition of 31 per cent share capital of Satyam. Following this, Tech Mahindra was required to make a public offer to acquire 20 per cent of the enhanced share capital of Satyam at a minimum price of Rs 58 a share.

Satyam has got final approval from the Securities and Exchange Board of India (Sebi) for the takeover. Sebi has sent two letters to Satyam granting certain exemptions from its Takeover Regulations. Satyam is now sending these letters to the US Securities and Exchange Commission (SEC).

Venturbay Consultants would, directly or through an affiliate, file the tender offer documentation with all regulatory authorities, including Sebi and the SEC.

New Ipad Application :Business Standard's all new IPad App Click here to download for free Other Stories      - Wall Street opens flat as data offsets Moody's warning - Thomas Cook India Q4 net jumps three times - Govt plans to make 30% sourcing from MSEs mandatory - Explain ways to cover govt loss on 3G roaming: TDSAT to telcos - Magma Fincorp plans to start gold finance biz in H1 of FY13

Tags : Satyam ComputerS | Tech Mahindra |   Read Business news in  Advertisements -  Now property search gets more exciting than ever before! -  High Growth Business Opportunities in Africa - Register to explore -  Medium-sized businesses are the engines of a smarter planet. -  Save over Rs.3000 with IndianOil Citibank Card -  We live for our family. have you secured them? -  India's No. 1 Property Site. Click here to know more.. -  Diseases earlier, Saving Costs, Extending Lives. Know More.. -  Get 5% cashback on telephone bills with Citi -  Enjoy the journey as much as the destination. click to know more.. -  Exim Bank Conclave on India - Africa Project Partnership. Know more.. -  Be part of it The World's Largest Aircraft. -  Creating Wealth made simple the SIP way. Know more.. -  Only Developer to give a guarantee on time space & rate. -  Office 365 for professionals and small businesses. -  Buy Your Property with Our Triple Guarantee in India. -  Improve Patient Care & Experience. Click here to know more -  Win a Business Class Ticket to Europe..Know more.. -   Introduce a New Automotive Luxury Car.. know more -  Health is Wealth..... Insurance + Savings... Know More...