Mahindra Satyam board will have a discussion on 10th July to clear the offer of Tech Mahindra looking for a second round of favored share allocation to increase its share in the recently obtained company to nearly 43% after an open bid induced a feeble reaction.
Previously, the CLB had authorized Mahindra Satyam to assign 19.86crore equity shares of Rs.2 each to Venturebay, the SPV of Tech Mahindra that bought a 31% share in Mahindra Satyam in the initial round of preferential allocation.
Mahindra Satyam had contacted CLB after Venturebay could not bag 20% of Satyam’s stake from the open market.
In the meantime, on the government’s appeal to evoke its 6 directors from Mahindra Satyam’s board.
The CLB is expected to pass the order on evoking the government’s candidate on Mahindra Satyam board after the scam-hit company finishes its second round of preferential allotment of shares that will take its share aloft from 31%.