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How Tech Mahindra won the Satyam bid

April 13, 2009

Tech Mahindra is required to deposit the initial subscription amount and the requisite escrow amounts for the public offer (as defined below) in accordance with the Takeover Regulations (collectively, the 'Total Acquisition Funds') in separate escrow accounts on or before April 21, 2009.

If Tech Mahindra desires to take control of the affairs of the company simultaneously with the preferential allotment, Tech Mahindra will be required to deposit in escrow the total funds necessary to consummate the public offer.

The preferential allotment is subject to fulfillment of certain conditions and obtaining the required regulatory approvals, including approvals from the Company Law Board and the Sebi.

In the event Tech Mahindra does not deposit the Total Acquisition Funds on or before April 21, 2009, the next highest bidder will be considered the highest bidder and the details will be announced by the board.

Image: Y M Deosthalee, CFO, Larsen & Toubro Ltd. | Photograph: Adeel Halim/Reuters