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 Indiaâ€™s largest information technology companies, with more than 50,000 employees and a market capitalization of over $7 billion, before one of the companyâ€™s founders said in January he had faked about $1 billion in cash and inflated the companyâ€™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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