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Satyam Computer Services Ltd has priced its sponsored secondary offering of 1.30 crore (13 million) American Depository Shares, representing 2.60 crore (26 million) equity shares, at $21.50 per ADS.
The maximum size of the offering is 3 crore (30 million) equity shares. The underwriters have an option to purchase up to
19.56 lakh (1.956 million) additional ADS, representing 39.13 lakh (3.913 million) equity shares, within seven days of the pricing, the company informed the Bombay Stock Exchange on Wednesday.
The net proceeds after expenses of the offering would be returned to all the selling shareholders within 30 days of the
closing of the offering and the company would not receive any proceeds of this offering, it further said.
The company's invitation to participate concluded on May 3, 2005 with 5.14 crore (51.4 million) equity shares being offered for sale in the sponsored ADS offering.
The unallocated equity shares would be returned to all the selling shareholders by May 27.
The global coordinator for the offering was Merrill Lynch International and the joint bookrunners were Merrill Lynch
International, J P Morgan Securities Inc and Citigroup Global Markets Ltd.
Bear, Stearns & Co Inc and Lehman Brothers Inc were the joint lead managers and Gilford Securities Inc and Janney Montgomery Scott LLC were co-managers while Enam Financial Consultants Pvt Ltd acted as the Indian financial advisor for the offering.