Monday, April 13, 2009

Tech Mahindra takes over Satyam

Finally, 48,000 employees and 300,000 shareholders of Satyam Computer Services can heave a sigh of relief.

The company’s government-appointed board today approved Tech Mahindra’s bid to acquire 31 per cent stake in Satyam for Rs.1,756 crore ($351 million) at Rs.58 per share.

Soon, Tech Mahindra, which is acquiring the software major through its subsidiary Venturbay Consultants, will make an open offer for another 20 per cent stake at Rs.58 per share for the controlling stake (51 per cent).
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