Tech Mahindra’s formalities

Tech Mahindra will have to pay Rs 1757 crore (USD 351 million) for 31% at Rs 58 per share, whereas for the total 51% stake the company will have to pay Rs 2,890 crore. The company will make an open offer at Rs 58 per share. American Depository Share (ADS) holders are expected to be able to take part in the open offer. The announcement of the open offer will happen within four working days of the Company Law Board (CLB) approval. Tech Mahindra will issue a public offer within 55 days of public announcement. The CLB said it will respond within 24 hours of Satyam filing affidavit. Satyam will now have a market capitalization of Rs 5,666 crore on expanded equity.