Tech Mahindra bid Satyam Computer’s share a 31 percent stake and L&T out of race….

Ending the three month ordeal of about 50,000 employees, Tech Mahindra ,emerged as a top bidder with an offer of Rs 58 a share for a 31 per cent stake in beleaguered Satyam Computer, beating a strong rival L&T. Tech Mahindra would acquire the stake in an all cash deal, followed by an open offer for a 20 per cent stake to take management control of the company. No immediate comment could be obtained from either Tech Mahindra or L&T.

After evaluating the bids, the government appointed board of Satyam Computer announced that “its Board of Directors has selected Venturbay Consultants Private Limited, a subsidiary controlled by Tech Mahindra Limited as the highest bidder to acquire a controlling stake in the Company, subject to the approval of the Hon’ble Company Law Board.” The Company was administered by a new Board appointed pursuant to the orders of the CLB dated January 9, 2009. The process to select a strategic investor has reached this significant stage within three months of the new Board’s first meeting.