On the conclusion of the mandatory open offer to shareholders of Satyam Computers, the new owner, Tech Mahindra, has a little over 42 per cent stake in the company, as against the original plan of acquiring a total of 51 per cent of the equity.
The response to the open offer for 20 per cent of Satyam shares - TM had earlier bought 31 per cent by outbidding others - was poor, as the secondary market price was well above Rs 70 per share during the period of open offer (between June 12 and July 1), where the price laid down was Rs 58 per share.
"In the offer, the company received very little shares, actually less than one of the company's (Satyam) paid-up capital," sources said on the condition of anonymity. On Wednesday, Satyam's share price closed at Rs 71.55.
Satyam is going to issue