Tech Mahindra wins bid for Satyam

Monday, April 13, 2009

Techmahindra has won the race of the satyam Bid.Well the satyam bidding race has finally comes to an end. There were many allegations like satyam was not transperent with their financial matters and other capabilitites of the organization which made spice group to back off from the race.
Techmahindra has now completely acquired satyam.Tech Mahindra bid for Satyam at Rs 58per share, while Larsen & Toubro, the other player in the fray, bid at Rs 49.50 per share.

Tech Mahindra will have to pay Rs 1757 crore (USD 351 million) for 31% at Rs 58 per share, whereas for the total 51% stake the company will have to pay Rs 2,890 crore. The company will make an open offer at Rs 58 per share. American Depository Share (ADS) holders are expected to be able to take part in the open offer. The announcement of the open offer will happen within four working days of the Company Law Board (CLB) approval. Tech Mahindra will issue a public offer within 55 days of public announcement. The CLB said it will respond within 24 hours of Satyam filing affidavit. Satyam will now have a market capitalization of Rs 5,666 crore on expanded equity.

Sources in Tech Mahindra said there were no second thoughts on Satyam bid yet. The board meeting will happen on Sunday to consider the bid price. Sources further stated that there is no decision yet on partnering with private equity (PE) firms. The company has offers from two PE firms for the joint bid. Sources also said that the company has sufficient funding to bid alone.

Comments :

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