Mahindra Satyam has received the CLB authorization to assign more than 19.86crore equity shares to Venturebay, a subordinate of Tech Mahindra.
The firm had filed to the CLB for the consent as the open bid by the latest proprietor of Tech Mahindra got a very listless reaction from Mahindra Satyam’s share owners.
The open bid, which terminated on 1st July, had seen only 420,915 shares showcasing 0.1% of Mahindra Satyam’s stake being tendered. Due to which, Tech Mahindra had asked Mahindra Satyam board to assign shares on a favored basis to increase its asset in the afterward to 42.7%.
The entire holding of Tech Mahindra along with its entirely-led subordinate in Satyam presently remains at 31.04%. Mahindra Satyam has also been sanctioned by the CLB to employ statutory auditors to perform and execute audit of the company for the period of 2009 to 2010.