21 Apr 2009 PTI
MUMBAI: Satyam Computer Services on Tuesday surged over five per cent on the Bombay Stock Exchange with its new owner, Tech Mahindra, scheduled to make an open offer on Tuesday for a 20 per cent stake in the IT firm.
Meanwhile, shares of Tech Mahindra dipped as much as eight per cent in the intra-day trade on the bourses.
Tech Mahindra would today announce an open offer for a 20 per cent additional stake in Satyam.
Marketmen said there was a surge in Satyam scrip owing to the open offer, while the dip in Tech Mahindra was largely because investors turned cautious and dumped the stock.
The government-appointed board of Satyam met in Hyderabad yesterday. In the meeting, Tech Mahindra officials and Mahindra Group chief Anand Mahindra were invitees.
Tech Mahindra yesterday deposited Rs 2,910 crore for a 51 per cent controlling stake in Satyam Computer.
Shares of Satyam opened firm and rallied further to touch a high of Rs 50.15, up 5.47 per cent over previous close on the BSE.
Similar movement was seen on the National Stock Exchange, where the scrip surged 5.03 per cent to a high of Rs 50.10.
On the volume front, a good 1.55 crore shares changed hands on both the bourses.
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