Mahindra Satyam Allots Shares to Venturbay

Fri Jul 10, 2009 9:00am EDT

* Reuters is not responsible for the content in this press release.

NEW DELHI, July 10 /PRNewswire-FirstCall/ -- Mahindra Satyam (the new brand
identity of Satyam Computer Services Ltd. - NYSE: SAY; BSE: SATYAM; NSE:
SATYAMCOMP) (the "Company" or "Satyam"), announced today that its board of
directors ("Board") had allotted 19,86,58,498 (Nineteen Crores Eight-Six Lakhs
Fifty-Eight Thousand Four Hundred and Ninety-Eight Only) shares of the Company
(the "Additional Shares") to Venturbay Consultants Private Limited
("Venturbay"), a subsidiary controlled by Tech Mahindra Limited ("Tech
Mahindra"). Following the allotment of the Additional Shares, the outstanding
share capital of Satyam is 1,175,455,935 equity shares (including equity
shares underlying ADSs) and Venturbay holds approximately 43% of the
outstanding share capital.  

As stated in the press release dated July 08, 2009, the allotment of the
Additional Shares to Venturbay was subject to (i) Venturbay transferring the
subscription amount aggregating to Rs. 11,52,21,92,884/-(approximately US$ 230
million based on an exchange rate of Rs. 50 to US$1) ("Subscription Amount")
from the public offer escrow account to Satyam's account; and (ii) fulfillment
of certain closing conditions, including receipt of in-principle approvals
from the stock exchanges. 

The Subscription Amount has been deposited in the Company's account and the
Company expects to use such funds for its general corporate purposes. In
addition, the Company also received in-principle approvals of the Bombay Stock
Exchange Limited and the National Stock Exchange of India Limited on July 9,
2009. Since the conditions to the allotment of the Additional Shares were
satisfied, the Board passed a resolution to allot the Additional Shares to

About Mahindra Satyam

Mahindra Satyam (the new brand identity of Satyam Computer Services Ltd. -
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. Mahindra 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. 

Mahindra 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.

About Tech Mahindra 

Tech Mahindra is a leading provider of solutions and services to the
telecommunications industry, majority stake owned by Mahindra & Mahindra
Limited, in partnership with British Telecommunications plc. With total
revenues of Rs 4464.7 crores in the year ended March 31, 2009, Tech Mahindra
serves telecom service providers, equipment manufacturers, software vendors
and systems integrators. Tech Mahindra solutions enable clients to maximize
returns on IT investment by achieving fast time to market, reduced total cost
of ownership and high customer satisfaction. Tech Mahindra achieves this
through its domain and process expertise, distinctive IT skills, research and
development, proven innovative delivery models and approach to off shoring. 

Assessed at SEI-CMMi Level 5 and PCMM Level 5, Tech Mahindra's track record
for value-delivery is supported by 25000 professionals who provide a unique
blend of culture, domain expertise and in-depth technology skill-sets. Its
development centres are ISO 9001:2000 & BS7799 certified. Tech Mahindra has
principal offices in the UK, United States, Germany, UAE, Egypt, Singapore,
India, Thailand, Taiwan, Malaysia, Philippines, Canada & Australia. 

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 are subject to certain risks and uncertainties that could
cause actual results to differ materially from those reflected in the
forward-looking statements. Mahindra Satyam undertakes no duty to update any
forward-looking statements. 

SOURCE  Satyam Computer Services Ltd.

Media Relations of Satyam Computer Services Ltd.,
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