Tech Mahindra wins bid for Satyam ComputerApril 13th, 2009 - 2:15 pm ICT by IANS
Mumbai, April 13 (IANS) Tech Mahindra, the IT arm of auto major Mahindra and Mahindra, Monday won the bid for India’s fourth largest software exporter Satyam Computer.
Satyam’s new board of directors, which met here to select the highest bidder, chose Tech Mahindra following its bid of Rs.1,757 crore ($351.4 million) for 31 percent stake in the scam-tainted IT giant.
Tech Mahindra offered Rs.58 for each Satyam share.
The board will now have to inform the Company Law Board (CLB) of its selection. The CLB will will announce its approval, within a week. The new owner will take over the management only after CLB’s nod.
Engineering major Larsen and Toubro (L&T) and private-equity firm WL Ross were among the other major contenders for the Hyderabad-headquartered Satyam.
L&T already holds 12.04 percent stake in Satyam.
The six-member Satyam board is headed by Kiran Karnik, former president of the National Association of Software and Services Companies (NASSCOM) that represents the software industry.
Besides Karnik, the board comprises HDFC chairman Deepak Parekh, former Securities and Exchange Board of India (SEBI) member C. Achuthan and Confederation of Indian Industry (CII) mentor Tarun Das.
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- Tech Mahindra posts Rs.221 crore net profit in Q4 - Apr 27, 2009
- Tech Mahindra gets control of Satyam Computer Services (Lead) - Apr 13, 2009
- Satyam board says company on way to resurrection - Apr 13, 2009
- Satyam gets strategic investor, fresh lease of life (Roundup) - Apr 13, 2009
- Winning bid lifts Tech Mahindra shares, Satyam up too (Lead) - Apr 13, 2009
- Satyam names four new directors - May 22, 2009
- Winning bid lifts Tech Mahindra, Satyam shares - Apr 13, 2009
- Tech Mahindra to be Satyam's new owner - Apr 13, 2009
- Kiran Karnik joins Attero Recycling board - Feb 13, 2011
- Kiran Karnik joins Attero Recycling Board as first 'Independent Director' - Jan 28, 2011
- Satyam receives bids, board extends meeting by a day - Mar 20, 2009
- Satyam informs market regulator on bidding process - Mar 25, 2009
- Mahindra Satyam, Tech Mahindra merger likely in 8-9 months - Apr 24, 2012
- Tech Mahindra to announce 20 percent open offer for Satyam Tuesday - Apr 20, 2009
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