Monday, April 13, 2009

Tech Mahindra wins Satyam bid: Report

Tech Mahindra on Monday outbid L&T and others and won the Satyam bid, TV reports said.

According to Times Now sources, Tech Mahindra will pay Rs 1757cr for 31% stake in Satyam. It will pay Rs 58 per share of the company. The face value of Satyam shares is Rs 2 per share.

Meanwhile engineering firm L&T reportedly made an offer of around Rs 49 for each Satyam share.

L&T, Tech Mahindra and Wilbur Ross had all put in technical and financial bid for Satyam Computer Services earlier on Monday.

BK Modi's Spice Corp did not submitted a bid for Satyam. "We have not submitted bid for Satyam. Our board wanted e-auction and since there is no e-auction, so we decided not to participate in the process," Spice Corp chairman B K Modi said.

According to PTI sources, Cognizant Technologies also did not put in its bid to acquire stake in the firm.


Divine Interception said...


I want to know more about the subsiduary of Tech. Mahindra which took over the bid process.

Also can this lead to increament of stock prices of Tech. Mahindra when Venturbay has taken up the bid.

Vignesh said...

Very useful..and nice information