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| Tech Mahindra wins bid for Satyam
Last Updated: 2009-04-13 14:25:53
Mumbai: Tech Mahindra, the IT arm of auto major Mahindra and Mahindra, has won the bid for Satyam Computer Services.
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 per cent 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 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-based Satyam.
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L&T already holds 12.04 per cent stake in Satyam.
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The six-member Satyam board is headed by Kiran Karnik, former president of the National Association of Software and Services Companies.
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Besides Karnik, the board comprises the 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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