Highlights of Tech Mahindra's winning bid for Satyam

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 in Mumbai on Monday and notified to stock exchanges:

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 in Mumbai on Monday and notified to stock exchanges:

HT Image

- Acquiring company: Venturbay Consultants Pvt Ltd, a Tech Mahindra subsidiary

- Price at which acquisition of 31-per cent stake approved: Rs 58 per share

- Number of shares constituting 31 per cent: 302,764,327

- Amount raised by way of 31-per cent 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 per cent at Rs 58 per share

- After open offer, total stake held cannot be more than 51 per cent

- 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 per cent of Tech Mahindra's offer

- Satyam board and Tech Mahindra execute share subscription pact

- Two directors - Deepak Parikh and SB Mainak - abstained from decision