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Rediff News  All News  » Business » Tech Mahindra deposits Rs 2,910 cr for Satyam

Tech Mahindra deposits Rs 2,910 cr for Satyam

April 20, 2009 18:30 IST
IT firm Tech Mahindra on Monday deposited Rs 2,910 crore (Rs 29.10 billion) for 51 per cent controlling stake in Satyam Computer.

Of the total amount, Rs 1,756 crore (Rs 17.56 billion) is for 31 per cent stake and Rs 1,154 crore (Rs 11.54 billion) is for 20 per cent through open offer which will begin on Tuesday, Satyam board Chairman Kiran Karnik said after the board meeting in which Tech Mahindra officials and Mahindra Group chief Anand Mahindra were invitees.

Mahindra said Satyam may not be a racing car but it no longer is a sinking ship. "We are constrained to give more detail due to some regulatory issues and the open offer coming out on Tuesday," he added.

The board has given to Tech Mahindra a list of 100 key employees to be retained. There is no decision yet on Ram Mynampati, former CEO of Satyam.

The six existing members on Satyam board will continue till further orders. "Our advice is that A S Murty continue as CEO," Karnik said.

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