New Delhi: Tech Mahindra, an M&M-promoted company, has won the bid for Satyam Computer after bidding at Rs 58 per share. Tech Mahindra would pay Rs1,757 crore for a 31 per cent stake in Satyam. The sources added that Tech Mahindra has secured complete funding to acquire a 51 per cent stake in Satyam.
However, it has been learnt that Tech Mahindra will run Satyam as an independent company with separate liabilities.
Tech Mahindra would pay Rs 1,900 cr within the next four days for the 31 per cent stake in Satyam and Satyam would operate as a special purpose vehicle until Tech Mahindra raises its stake to 51%.
Earlier, all three bidders had qualified L&T, Tech Mahindra and Cognizant had qualified for the financial bidding stage after the technical bids were evaluated.
Corporate Affairs Minister Prem Chand Gupta is expected to make the formal announcement later. Corporate India has not seen anything like this before. Over 600 clients and nearly 50,000 employees of Satyam were eagerly awaiting the outcome of the bidding, which may give a new direction to the company.
Spice Corp, IBM and iGate were among those confirmed names that dropped out of the race after showing an interest in the company. iGate decided to drop out of the race for Satyam after concerns on falling revenues and not enough clarity on customers and margins. Spice Corp claimed that the bidding process lacked transparency and pulled out of the race.