December 17, 2008
Satyam Computer Services, India's fourth-largest software services provider, today came under fire from institutional investors after the company announced its acquisition of two companies -- Maytas Infra and Maytas Properties--for $1.6 billion (around Rs 7,680 crore).
Satyam Computer Services, India's fourth-largest software services provider, today came under fire from institutional investors after the company announced its acquisition of two companies -- Maytas Infra and Maytas Properties--for $1.6 billion (around Rs 7,680 crore).
The company's board had earlier in the day approved buying 51 per cent in Maytas Infra for $1.3 billion (around Rs 6,240 crore) and 100 per cent of Maytas Properties for $300 million (Rs 1,440 crore).
Satyam proposes to acquire 31 per cent in Maytas Infra from the promoters at a price of Rs 475 a share and make an open offer for an additional 20 per cent. The open offer price has been approved at Rs 525 a share and is subject to change according to the Takeover Code norms.
(Business Standard)
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