Mumbai: IT firm Tech Mahindra has extended the date for approaching the shareholders of Satyam Computer regarding its Rs1,154 crore open offer for the purchase of a 20% stake in the scam-hit firm, a move which comes days after market regulator Securities and Exchange Board of India (SEBI) cleared the open offer.
In a filing to the BSE, Satyam Computer said the last date by which letter of offer will be dispatched to the shareholders has been revised to 9 June, from the earlier scheduled date of 3 June.
Further, the last date of withdrawal by shareholders has also been revised to 26 June from the earlier 27 June.
“Dates for all other activities of the schedule remains unchanged,” the filing added.
The Sebi had received the open offer for its consideration on 6 May, and issued its ‘observations’ on May 27.
Through Venturbay Consultant, its acquisition vehicle for the Satyam Computer purchase, Tech Mahindra had announced an open offer on 22 April for buying an additional 20% from the shareholders of the IT firm.
The open offer was made pursuant to Tech Mahindra buying a 31% stake in Satyam for Rs1,756 crore through the issue of preferential shares after an auction process conducted by the government-appointed board of Satyam.