Tech Mahindra acquires Satyam outbidding L&T

-
Tech Mahindra Chairman Anand Mahindra addresses a press conference called to announce the winning of the bid to buy Satyam Computer Services, in Mumbai on Monday.

MUMBAI: The beleaguered Satyam Computer Services has finally found a new owner, after its founder chairman, B. Ramalinga Raju left it in the lurch with his confession of corporate fraud in January this year.

Tech Mahindra pipped Larsen & Toubro and Wilbur Ross to the post and is set to initiate the takeover process pending the approval of the Company Law Board which should happen in a week.

The final act of the Satyam saga played out on Monday with the government-appointed board of directors selecting Venturbay Consultants Private Ltd., a subsidiary controlled by Tech Mahindra, as the highest bidder to acquire a controlling stake in the IT services company.

Share subscription

Upon being declared the highest bidder, Tech Mahindra and Satyam executed an agreement whereby Tech Mahindra agreed to subscribe to and acquire 30.28 crore shares of Satyam, representing 31 per cent of its share capital, at Rs. 58 a share. This will infuse Satyam with Rs. 1,756 crore. The subsequent open offer for 20 per cent, amounting to Rs. 1,132 crore, will result in a total of Rs. 2,889 crore coming into the company for the 51 per cent stake.

Addressing the media, Tech Mahindra Chairman Anand Mahindra said, “This is a landmark development for Tech Mahindra and I am delighted that we

are the highest bidder for Satyam.

Comments

Post a Comment

Popular posts from this blog

Top 5 Travel Books

-
Image
Europe on a Shoestring Lonely Planet Europe Phrasebook Lonely Planet Western Europe Rick Steves' Europe Through the Back door Backpacking Through Europe Hot Off the Presses Recently released travel guides Let's Go 2008 Europe Let's Go 2008 Western Europe
Read more

Superantispyware Professional 4.1.1046 - Final

-
Image
SUPERAntiSpyware is the most thorough scanner on the market. Our Multi-Dimensional Scanning and Process Interrogation Technology will detect spyware other products miss. Easily remove pests such as WinFixer, SpyAxe, SpyFalcon, and thousands more. SUPERAntiSpyware will detect and remove thousands of Spyware, Adware, Malware, Trojans, KeyLoggers, Dialers, Hi-Jackers, and Worms. SUPERAntiSpyware features many unique and powerful technologies and removes spyware threats that other applications fail to remove. SUPERAntiSpyware Professional includes Real-Time Blocking of threats, Scheduled Scanning, and Free Unlimited Customer Service via e-mail. Also includes a Repair feature that allows you to restore various settings which are often changed by malware programs, but usually not corrected by simply removing the parasite. Repair broken Internet Connections, Desktops, Registry Editing and more with our unique Repair System. Dedicated Threat Research Team scours the web for new threats and pr...
Read more

Game of Thrones: 'The Old Gods and the New' recap and review

-
Image
Something that Game of Thrones does very well is choose its scenes wisely, which is more necessary than ever now that there are so many characters to juggle. We only have a little bit of time with each of them, so it’s imperative that the time we spend with them is as revealing as possible, or moves the plot forward in a significant way. This was especially evident last week, where each storyline moved forward not only dramatically, but interestingly. This week’s installment, ‘The Old Gods and the New,’ was a little more laid-back in its approach, which is odd considering that it featured both the sack of Winterfell by Theon, and a major riot in King’s Landing. These are big events that I guess I felt weren’t treated with the gravitas they deserved. But hey, Tyrion slapped Joffrey again, so there’s that. I’m not saying I didn’t like the episode, because there was plenty that I enjoyed. The opening scene, where Bran wakes to Theon seizing Winterfell had a gr...
Read more