Tech Mahindra win Satyam bid at 58 Rs per Share

Tech Mahindra on Monday emerged as a top bidder for a 31% stake in Satyam Computers, leaving behing L&T. Tech Mahindra will pay Rs 58 per share of the company a total of 1757cr for 31% stake in Satyam. Engineering firm L&T made an offer of around Rs 49 for each Satyam share.

After evaluating the bids, the government-appointed board of Satyam Computer on Monday announced that "its Board of Directors has selected Venturbay Consultants Private Limited, a subsidiary controlled by Tech Mahindra Limited, as the highest bidder to acquire a controlling stake in the company, subject to the approval of the Company Law Board." "On behalf of all Satyamites and their families, we congratulate Tech Mahindra on being the highest bidder. The selection of the highest bidder, in a fair, open and transparent process, signals a new stage for the company in its progress towards stabilization and growth," Satyam said in an announcement. "This event ought to dispel the anxiety of all stakeholders as it re-positions the company's commitment to revival and good governance," said Kiran Karnik, the chairman of the board.