Tech Mahindra gets US regulatory nod for Satyam offer

18 June 2009

Tech Mahindra has received approval from the US anti-trust authority for its Rs1,154 crore open offer for the purchase of an additional 20 per cent stake in Satyam Computer Services Ltd.

"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, as amended (HSR Act). Accordingly, the condition to the offer with respect to anti-trust approval under the HSR Act has been satisfied," Tech Mahindra said in a filing with the Bombay Stock Exchange (BSE) in connection with its open offer through Venturbay Consultants Pvt Ltd to the shareholders of Satyam Computer Services.

Satyam is a listed company on the New York Stock Exchange (NYSE) and both Satyam and Tech Mahindra have technology outsourcing work in the US.

Tech Mahindra'spen offer for Satyam has already received approval from Germany's competition regulator, the Federal Cartel Office as also the Indian regulator SEBI and the two main stock exchanges - Bombay Stock Exchange and National Stock Exchange.

Tech Mahindra on 22 April 22 announced its offer to Styam shareholders for buying an additional 20 per cent in the company at Rs58 a share.

Tech Mahindra has to mandotorily buy an additional 20 per cent in Satyam Computer after it bought a 31 per cent stake in the fraud-hit IT major for Rs1,756 crore through issue of preferential shares in an auction process.