Satyam’s shareowners have turned down the open bid offered by Tech Mahindra as only 4, 20,915 shares in the firm were tendered in the bid.
Tech Mahindra had projected to obtain 198,658,498 shares showcasing 20% stake in the company via open bid.
Although the open bid for obtaining nearly a 20% stake was presented at a cost of Rs.58 on each share, Satyam Computer’s share is floating nearly Rs.75, which is more than 29% up than open bid price.
Presently, the open bid shares mutually with the shares constructively held by Tech Mahindra and its entirely-led subordinate showcase nearly 31.04% of Satyam’s remaining shares of common stock.
Mahindra Satyam’s board is supposed to have a meeting on 10th July to talk about the second phase of favored share allocation to gather Tech Mahindra’s stake in the company to nearly 42.7%.