's fourth largest IT services firm Satyam Computer is acquiring 100% stake in Hyderabad-based Maytas Properties for $1.3 billion and is going to pick up a 51% in public listed firm Maytas Infra for $300 million. The total deal value is pegged at $1.6 billion (Rs 8,000 crore).
According to the deal, while Satyam will acquire 100% stake in the privately held Maytas Properties, it is going to buy 31% of Rajus holding in the public listed Maytas Infra and then make an open offer for another 20% stake. As of September 31, 2008, promoters held 36.64% in Maytas Infra. The price being paid to the promoters is fixed at Rs 475 per share, 1.25% discount to the closing price of the scrip today. The open offer will be made at Rs 525/share which is 7% premium to the ruling price as against the 52 week high of Rs 946.
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