Mahindra Satyam has assigned 19, 86, 58,498 shares to Venturbay Consultants Private Limited. Venturbay now owns nearly 43% of the remaining share capital of Satyam, which after the allocation stays at 1,175,455,935 equity shares.
The CLB has issued a contract to assign 198,658,498 equity shares of Rs.2 each at a payment of Rs.56 each to Venturbay devoid of share owners’ consent on 8th July. Moreover, the agreement allowed the Satyam board to employ a statutory assessor for the economic year 2009-10.
Tech Mahindra’s tender bid that had terminated on 1st July to buy a further 20% stake in Satyam bagged a lukewarm reaction.
Consequently, Venturbay gave notice to Satyam to execute its alternative to subscribe to extra shares by means of a favored allocation.