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Shares of Satyam Computer, rebranded as Mahindra Satyam by its new owner Tech Mahindra, surged 5.75 per cent to a high of Rs 74.50 after opening firm on the BSE.
The CLB had yesterday approved the allotment of an additional 19.86 crore shares at Rs 56 a piece on preferential basis, aggregating to Rs 1,112.48 crore (US$229 million), to Tech Mahindra thereby taking up its holding in Mahindra Satyam to about 43 per cent.
A similar movement was witnessed on the National Stock Exchange where shares surged 5.73 per cent to a high of Rs 74.70. On the volume front, a good 94.24 lakh shares changed hands on both the bourses.
Shares of Tech Mahindra witnessed rose to Rs 703.80, up 2.65 per cent over previous close on the BSE.
Tech Mahindra bought a 31 per cent stake in Satyam for about Rs 17.56 billion in April and later launched a open offer to buy up to 20 per cent at Rs 58 a share that received poor response from public shareholders.
Only 420,915 Satyam shares or 0.1 per cent stake were tendered in the offer as the offer price was 30 per cent below the prevailing market price at that time.
(PTI) rw
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