Tech Mahindra to take over Satyam |
By e4p Correspondent, Monday, April 13, 2009, 17:29 Hrs [IST] |  |
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Category: Computer Software | Tags: Tech Mahindra, top bidder for Satyam Computer, Satyam new board of directors | Share:  |
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Tech Mahindra, the IT subsidiary of Mahindra and Mahindra has emerged as the top bidder for the Hyderabad based Satyam Computer. Tech Mahindra bid Rs.1,757 crore ($351.4 million) for a 31 per cent stake in the company.
Satyam's new board of directors will now have to inform the Company Law Board (CLB) of its selection. The CLB will announce its approval, within a week. The new owner will take over the management only after CLB's nod.
Larsen and Toubro and private-equity firm WL Ross were among the other major contenders for Satyam.
Source : ProjecstToday
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