NEW DELHI, July 10 /PRNewswire-FirstCall/ -- Mahindra Satyam (the new brand identity of Satyam Computer Services Ltd. - NYSE: SAY; BSE: SATYAM; NSE: SATYAMCOMP) (the 'Company' or 'Satyam'), announced today that its board of directors ('Board') had allotted 19,86,58,498 (Nineteen Crores Eight-Six Lakhs Fifty-Eight Thousand Four Hundred and Ninety-Eight Only) shares of the Company (the 'Additional Shares') to Venturbay Consultants Private Limited ('Venturbay'), a subsidiary controlled by Tech Mahindra Limited ('Tech Mahindra'). Following the allotment of the Additional Shares, the outstanding share capital of Satyam is 1,175,455,935 equity shares (including equity shares underlying ADSs) and Venturbay holds approximately 43% of the outstanding share capital.
As stated in the press release dated July 08, 2009, the allotment of the Additional Shares to Venturbay was subject to (i) Venturbay transferring the subscription amount aggregating to Rs. 11,52,21,92,884/-(approximately US$ 230 million based on an exchange rate of Rs. 50 to US$1) ('Subscription Amount') from the public offer escrow account to Satyam's account; and (ii) fulfillment of certain closing conditions, including receipt of in-principle approvals from the stock exchanges.
The Subscription Amount has been deposited in the Company's account and the Company expects to use such funds for its general corporate purposes. In addition, the Company also received in-principle approvals of the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited on July 9, 2009. Since the conditions to the allotment of the Additional Shares were satisfied, the Board passed a resolution to allot the Additional Shares to Venturbay.
About Mahindra Satyam
Mahindra Satyam (the new brand identity of Satyam Computer Services Ltd. - NYSE: SAY), a leading global business and information technology services company, delivers consulting, systems integration, and outsourcing solutions to clients in numerous industries across the globe. Mahindra Satyam leverages deep industry and functional expertise, leading technology practices, and an advanced, global delivery model to help clients transform their highest-value business processes and improve their business performance.
