Fraud hit Company ‘Satyam’ goes to TechMahindra

Tech Mahindra wins Satyam bid; Gets 31% stake for Rs. 1757 crore
Tech Mahindra Ltd., wins the bid for Satyam Computer Services Ltd(fourth largest Indian software services company). Tech Mahindra bid at Rs 58/share while L&T bid at Rs 49.50/share, states Dow Jones on CNBC TV18. Tech Mahindra wins bid for Satyam and three months of drama comes to an end for Satyam. Tech Mahindra to pay Rs 1757 crore for 31% at Rs 58/share. Tech Mahindra stocks surged today in the morning to 24% and is now trading at Rs 369, up 15% on the BSE. Experts feel the Satyam board deserves a pat for resolving the issue within 3 months.

Satyam Computer Services Ltd., surged yesterday to 14 per cent in the Mumbai trading as both Larsen & Toubro Ltd. and Tech Mahindra Ltd. vie for control. They competed with bids for achieving a controlling stake in the company which is amidst fraud inquiry. While Larsen & Toubro Ltd., played at Rs. 49.50 per share, Tech Mahindra Ltd won it at Rs. 58 per share.

Climbing north to 14 percent to 53.80 rupees just sometime back as of 10 a.m. yesterday morning; the outcome of the bidding is that Tech Mahindra won the stake in the company.

It means Tech Mahindra Ltd., will now get control over Satyam’s 50,000 employees that and also a chance to increase its domain expertise breadth from Telecom to clients like Nestle, GM, Nissan. Tech Mahindra Ltd. is a company that is partly owned by BT Group PLC.