Mumbai: IT firm Tech Mahindra on Thursday said it has received approval from the US anti-trust authority regarding its Rs1,154 crore open offer for the purchase of an additional 20% stake in Satyam Computer.
In a filing to the stock exchanges Tech Mahindra said “our request for early termination of the applicable waiting period relating to the offer has been granted under the Hart-Scott-Rodino Antitrust Improvements Act of 1976...”
Tech Mahindra further said that “the condition to the offer with respect to anti-trust approval under the Hart-Scott-Rodino Act has been satisfied.”
The anti-trust approval in the US was needed as both the companies — Satyam and Tech Mahindra — have technology outsourcing work in the United States, and also because Satyam is listed on the NYSE.
The open offer has already got anti-trust approval from Germany’s competition regulator, the Federal Cartel Office, and India’s tow premier bourses Bombay Stock Exchange and National Stock Exchange.
Tech Mahindra had announced an open offer on 22 April for buying an additional 20% at a price of Rs58 a share from the shareholders of the IT firm.
The open offer was made after Tech Mahindra bought a 31% stake in Satyam for Rs1,756 crore through the issue of preferential shares after an auction process.
The open offer, which started on 12 June, will close on 1 July.