Tech Mahindra to pay Rs 1,756-cr before deadline

The Company Law Board of Satyam Computers on Thursday approved the takeover by Tech Mahindra, according to media reports.

Tech Mahindra is expected to pay Rs 1,756 crore before the deadline of April 21 for acquiring 31 per cent stake in Satyam Computer. The company has raised Rs 875 crore from the debt market and has Rs 700 crore on its balance sheets. The rest of the amount needed, said sources, would be raised from internal resources.

Tech Mahindra will also have to deposit the requisite escrow amount for the 20 % open offer in a separate account on or before April 21. The aggregate amount for 51 % stake in Satyam is Rs 2,889 crore. It has to deposit Rs 1,133 crore in escrow account for the open offer.