Tech Mahindra gets 43 percent stake in Satyam

Mahindra Satyam, formerly Satyam Computer Services, Friday said it has allotted 198.6 million shares to Venturebay Consultants, a Tech Mahindra arm.

After this allotment, Tech Mahindra will hold about 43 percent in the company.

The transfer of shares was done after Venturebay paid Mahindra Satyam Rs.1,152 crore (Rs.11.52 billion or $230 million), according to the agreement governing the takeover of the scam-tainted firm by Tech Mahindra, the IT arm of the Mahindra and Mahindra group.

Tech Mahindra had Monday said its open offer to acquire a further 20 percent in Satyam had resulted in it getting only 0.1 percent. It had stated it would subscribe for additional shares through a second preferential allotment.