Satyam Computer’s 33 per cent rise in the stock market in the last three trading sessions is now a reason for jubilation for investors who came in during its dark January days. They have an option to sell their stake to Tech Mahindra, which presently owns 31 per cent in Satyam, for Rs 58 in its open offer or make the most of the sunny days by exiting at the prevailing market price.

Analysts feel that Tech Mahindra which intends to buy 20 per cent more in Satyam at Rs 58 per share through an open offer to take its stake to 51 per cent will not easily find sellers at that price.

Satyam shares now stand at Rs 80.85 having risen by their daily 10 per cent limit on each of the three days since it released financial details on Tuesday that showed it remained profitable despite the fraud.

“People will not tender their shares for a price that is sharply lower than the current market price, even if we assume some correction in the days ahead,” said an analyst.

Tech Mahindra said on Thursday that it would not raise the price for the open offer. “Our agreement with the market regulator Sebi is for Rs 58 a share,” Tech Mahindra CEO Vineet Nayyar said. In case the open offer was not fully subscribed, Nayyar said, “We will go for preferential issue to take our holdings in the company to 42 per cent.” Tech Mahindra can revise the offer price till June 22, but analysts see little reason for it to do so. If the offer is not fully subscribed, under the auction conditions Tech Mahindra can opt for a second preferential issue from Satyam to raise its stake to not more than 51 per cent of the further expanded share capital.

However, the government-appointed board has decided against endorsing the open offer saying it would be construed as a “negative statement” about fundamentals.

Satyam board chairman Kiran Karnik said some of the government-appointed members of the board may be disengaged from the firm within the next week. The government nominees include Kiran Karnik, CII chief mentor Tarun Das, HDFC Chairman Deepak Parekh and former ICAI President T M Manoharan.

Tech Mahindra’s Rs 1,154.66 crore open offer, which begins on June 12 would close on July 1, 2009. Kotak Mahindra Capital and UBS are managers of the offer.