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Satyam soars 6% on CLB nod for pref allotment to Tech Mahindra

Satyam soars 6% on CLB nod for pref allotment to Tech Mahindra
PTI
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First Published: Thu, Jul 09 2009. 11 34 AM IST
Updated: Thu, Jul 09 2009. 11 34 AM IST
Mumbai: Shares of Satyam Computer on Thursday surged nearly 6% in the morning trade on the Bombay Stock Exchange a day after it received the Company Law Board’s (CLB) approval to allot shares on preferential basis to its new owner Tech Mahindra.
Shares of Satyam Computer, rebranded as Mahindra Satyam by its new owner Tech Mahindra, surged 5.75% to a high of Rs74.50 after opening firm on the BSE.
The CLB had on Wednesday approved the allotment of an additional 19.86 crore shares at Rs56 a piece on preferential basis, aggregating to Rs1,112.48 crore, to Tech Mahindra thereby taking up its holding in Mahindra Satyam to about 43%.
A similar movement was witnessed on the National Stock Exchange where shares surged 5.73% to a high of Rs74.70. On the volume front, a good 94.24 lakh shares changed hands on both the bourses.
Shares of Tech Mahindra rose to Rs703.80, up 2.65% over previous close on the BSE.
Tech Mahindra bought a 31% stake in Satyam for about Rs1,756 crore in April and later launched a open offer to buy up to 20% at Rs58 a share that received poor response from public shareholders.
Only 4,20,915 Satyam shares or 0.1% stake were tendered in the offer as the offer price was 30% below the prevailing market price at that time.
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First Published: Thu, Jul 09 2009. 11 34 AM IST