Shares of Satyam Computer Services surged nearly 14 per cent on bourses after the company received approval from market regulator SEBI to facilitate a global competitive bidding process enabling it to sell 51 per cent stake in the company to a strategic investor.
Shares of the beleaguered IT firm surged by 8.26 per cent to Rs 38 on the Bombay Stock Exchange. On the National Stock Exchange, the scrip jumped by 13.67 per cent to touch a high of Rs 39.90.
The scrip was later trading at Rs 36.30, up 3.42 per cent on BSE. Satyam was trading at Rs 36.55, up 4.13 per cent on NSE. A total of 44.02 lakh shares of Satyam changed hands on the bourses.
Satyam today received approval from SEBI to facilitate a global competitive bidding process enabling it to sell 51 per cent stake to a strategic investor.
The selected investor will be issued fresh equity of 31 per cent and upon a successful closing of the subscription, the investor will be required to make a mandatory minimum public open offer to purchase a minimum of 20 per cent of the company's share capital.
The open offer will be made at the same share price as the price paid by the investor for the subscription.