New Delhi, Mar 6: The Securities and Exchange Board of India (SEBI), the market regulator on Friday, Mar 6 approved fraud Satyam Computers to sell a 51 percent stake in the company in a global bidding process.
If the investor fails to acquire the less than 51 pc stake in the company after the open offer, then it would be issued additional fresh equity that will result in the investor acquiring 51 per cent of the share capital of the company. The investor will not be permitted to sell any equity shares for a lock-in period of three years.
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The chosen investor will be issued fresh equity of 31 per cent and then make a mandatory minimum public offer to buy a further 20 percent stake in the Company. Satyam sources said that the open offer will be made at the same share price as the price paid by the investor for the subscription. If the investor fails to acquire the less than 51 pc stake in the company after the open offer, then it would be issued additional fresh equity that will result in the investor acquiring 51 per cent of the share capital of the company. The investor will not be permitted to sell any equity shares for a lock-in period of three years.
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