Tech Mahindra, a joint venture between British Telecom and the Indian conglomerate Mahindra & Mahindra, stands to win control of Satyam Computer Services after a bid that values the fraud-damaged company at $1.2 billion.
Tech Mahindra was the highest bidder for Satyam, with a 58 rupee, or $1.16, per share bid, for 31 percent of the company, Satyam said Monday. The offer beats a bid from the Indian engineering firm Larsen & Toubro, which already owns a 12 percent stake in Satyam.
Satyam was one of India’s largest information technology companies, with more than 50,000 employees and a market capitalization of over $7 billion, before one of the company’s founders said in January he had faked about $1 billion in cash and inflated the company’s operating margins.
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%.Spice Corp, IBM and iGate were among those confirmed names that dropped out of the race after showing an interest in the company.
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