Tech Mahindra, the IT arm of Mahindra & Mahindra, has finally won the bid of Satyam, in today’s bid surpassing engineering giant Larson & Toubro and IT firms Cognizant.
Tech Mahindra has offered Rs 58 per equity share of Satyam while L&T, which was considered as the front-runner, has only offered Rs 49 per equity share for the same.
Vineet Nayar, the Vice-Chairman, Managing Director and Chief Executive Officer of Tech Mahindra has expressed his joy over positive results which was eagerly waiting for over 50,000 employees of Satyam and all India Inc.
Prem Chand Gupta, the Corporate Affairs Minister is likely to make a formal announcement soon.
According to sources, Tech Mahindra got 31% stake in Satyam for a sum of Rs. 1,757 crore, while it will have to pay a total of Rs 2,889 cr for a 51% stake.
L&T that have already 12% stake in Satyam has offered slightly above the closing price of Satyam on Friday’s evening of Rs 47.5 per equity, while Tech Mahindra bid was far above.
Before acquiring 51% stake of Satyam, Tech Mahindra would pay Rs 1500 cr upfront for Satyam to operate it as a special purpose vehicle (SPV) while after that it will not assimilate it in its existing firm, but Satyam will continue to work as a separate entity under it, sources said.
Earlier, Spice Corp, IBM and iGate were also among others in the bidding race but they dropped their bid arguing lack of transparency in the bidding process.
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