Tech Mahindra wins bid for Satyam

by nehalarya | April 13, 2009 at 01:41 am

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Tech Mahindra on Monday emerged as the new owner of the Satyam Computer Services outbidding other competitors, including Larsen and Toubro.

Satyam's new board of directors, which met here to select the highest bidder, chose Tech Mahindra after it made a bid of Rs 1757 crore for 31 percent stake in Satyam at Rs 58 per 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.

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.