Satyam said that the SEBI approval will enable the investor to acquire a total 51% stake in the company. The management added that Satyam will issue fresh equity of 31% to the investor.
Satyam further said that the investor will make an open offer for 20% on closure of the subscription. The investor will be issued additional equity if it fails to get 51% post the open offer, the management said.
The management also stated that no second offer would be required if additional shares are issued second time. Qualified investor, Satyam said, must have net assets of over USD 150 million.
Satyam also stated that the selected investor will have a lock-in period of three years.
Technicals : The stock is trading at 40.90 up 16%.It is showing bullish signs.If today it closes above 40 then it can move upto 51 and 59 bieng the next resistence Since the scrip is news based it would be a high risk gamble.Any negative news could bring the stock price down.Have a strict stop loss of 35 for any buy positions.
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