Satyam Gains Approval from Regulators
April 24 2009 - 8:52AM
PR Newswire (US)
HYDERABAD, India, April 24 /PRNewswire-FirstCall/ -- Satyam
Computer Services Limited (NYSE:SAY)(BSE:SATYAM)(NSE:SATYAMCOMP)
(the "Company"), announced today that the Seventh Division of the
Federal Cartel Office of Germany has issued a letter dated 22
April, 2009 (the "FCO Letter"), permitting the completion of the
acquisition of a controlling stake in the Company by Venturbay
Consultants Private Limited, a subsidiary controlled by Tech
Mahindra Limited. The Company has also received 'in-principle'
approvals from the Bombay Stock Exchange Limited dated 22 April,
2009 (the "BSE", and such letter, the "BSE Letter") and the
National Stock Exchange of India Limited dated 22 April, 2009 (the
"NSE", and such letter, the "NSE Letter") for the issuance of
30,27,64,327 (Thirty Crores Twenty Seven Lakhs Sixty Four Thousand
Three Hundred and Twenty Seven Only) equity shares (the "Initial
Shares") of Rs. 2/- each at a premium of Rs. 56/- per share to
Venturbay Consultants Private Limited on a preferential basis. Upon
allotment of the Initial Shares, the Company will seek the approval
of the BSE and NSE for listing and trading of the Initial Shares.
This press release, an English translation of the FCO Letter, the
BSE Letter and the NSE Letter are being furnished to the U.S.
Securities and Exchange Commission (the "SEC") on Form 6-K and are
available to the public over the Internet on the Company's website
at http://www.satyam.com/ and the SEC's website at
http://www.sec.gov/. Further, this press release and the FCO Letter
are being submitted to the BSE and the NSE. About Satyam Satyam
(NYSE:SAY), a leading global business and information technology
services company, delivers consulting, systems integration, and
outsourcing solutions to clients in numerous industries across the
globe. Satyam leverages deep industry and functional expertise,
leading technology practices, and an advanced, global delivery
model to help clients transform their highest-value business
processes and improve their business performance. The company's
professionals excel in engineering and product development, supply
chain management, client relationship management, business process
quality, business intelligence, enterprise integration, and
infrastructure management, among other key capabilities. Satyam
development and delivery centers in the US, Canada, Brazil, the UK,
Hungary, Egypt, UAE, India, China, Malaysia, Singapore, and
Australia serve numerous clients, including many Fortune 500
organizations. For more information, see http://www.satyam.com/.
Safe Harbor This press release contains forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. The forward-looking statements contained herein, including
statements regarding the allotment of the Initial Shares, are
subject to certain risks and uncertainties that could cause actual
results to differ materially from those reflected in the
forward-looking statements. Satyam undertakes no duty to update any
forward-looking statements. DATASOURCE: Satyam Computer Services
Limited CONTACT: Satyam Media Relations, Web Site:
http://www.satyam.com/
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