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Rediff News  All News  » Business » Tech Mahindra wins bid for Satyam

Tech Mahindra wins bid for Satyam

Last updated on: April 13, 2009 12:09 IST

Tech Mahindra has won the bid for Satyam Computer Services.

Reports say that the tech firm will pay Rs 1,757 crore to buy out 31 per cent Satyam stake.

Details awaited.

The majority stake sale process in Satyam Computer Services opened on Monday, and software firm Tech Mahindra submitted its bid. Engineering major L&T had also put in its bid to acquire control of the Hyderabad-based company.

"We have submitted the bid for Satyam Computer," Tech Mahindra's vice chairman, managing director and CEO Vineet Nayar told PTI.

BK Modi's Spice Corp has not submitted a bid for Satyam.

"We have not submitted bid for Satyam. Our board wanted e-auction and since there is no e-auction, so we decided not to participate in the process," Spice Corp Chairman B K Modi said.

According to sources, Cognizant Technologies has not put in its bid to acquire stake in the firm.

When contacted the company spokesperson declined to comment saying "it (Cognizant) doesn't comment on speculation."

The participation of private equity major Wilbur Ross could not be ascertained.

Satyam Computer is selling a 51 per cent stake (31 per cent through bidding, 20 per cent through open offer) after its founder B Ramalinga Raju admitted to fraud in January.

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