Tech Mahindra gets 43 pc stake in Satyam

Mahindra Satyam, formerly Satyam Computer Services, on Friday said it has allotted 198.6 million shares to Venturebay Consultants, a Tech Mahindra arm.

Mahindra Satyam, formerly Satyam Computer Services, on Friday said it has allotted 198.6 million shares to Venturebay Consultants, a Tech Mahindra arm.

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After this allotment, Tech Mahindra will hold about 43 percent in the company.

The transfer of shares was done after Venturebay paid Mahindra Satyam Rs.1,152 crore (Rs.11.52 billion or $230 million), according to the agreement governing the takeover of the scam-tainted firm by Tech Mahindra, the IT arm of the Mahindra and Mahindra group.

Tech Mahindra had on Monday said its open offer to acquire a further 20 percent in Satyam had resulted in it getting only 0.1 percent. It had stated it would subscribe for additional shares through a second preferential allotment.