Tech Mahindra revises Satyam open offer

Tech Mahindra revises Satyam open offer

India’s Tech Mihandra, which has 31 percent stake of fraud-hit Satyam Computer Services Ltd on Friday said its Rs. 1,154 billion or $231 million additional open offer of a 20 percent stake to its shareholders approach will be move on June 9 from the earlier schedule of June 3.

However, Dates for all other activities of the schedule remain unchanged, the filing said.

Recently, Tech Mihandra controlling stake in Satyam said it will repay its 3 billion rupee loan or $64 million in net proceeds of shares, which had risen from state-run bank in February.

It also revises it last date of withdrawal by shareholders on June 26 from the earlier schedule date on June 27, 2009.

Tech Mihandra is Mihandra and Mihandra unit owned about 44 percent of its equity and is a joint venture partner of British Telecommunications which takes about 31 percent stake in the company.

Shares of Tech Mihandra fell Rs. 33.10 to 4.94% at Rs. 636.50 in the regular trading.