Tech Mahindra open offer ends today, sees negligible response

Firm may now subscribe to fresh equity shares of Satyam in 15 days.
Tech Mahindra is expected to subscribe to fresh equity shares of Satyam Computer Services (now Mahindra Satyam) through a preferential issue to increase its stake in the troubled company, as the ongoing open offer has failed to enthuse shareholders to tender their shares at Rs 58, the price quoted under the offer that is closing tomorrow.

As Satyam shares continue the uptrend on bourses and is hovering around Rs 70-80, sources said the open offer has hardly attracted any subscription. "Tech Mahindra will neither extend the open offer date nor revise the open offer price, but will subscribe to fresh equity shares of Satyam as per the clauses of the letter of offer," the sources said.