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Tech Mahindra ends 12% up on Satyam win

This article was posted on Apr 14, 2009 and is filed under Stock News

Shares of software firm Tech Mahindra today settled the day with a jump of over 12 per cent on the BSE, buoyed by its success in the race for acquiring majority stake in the Hyderabad-based IT firm Satyam Computer.

At the end of today’s session Tech Mahindra was trading at Rs 359.45, up 12.31 per cent on the BSE. On the NSE, the scrip ended the day at Rs 354.90, up 10.79 per cent.
During the day the stock witnessed a smart rally and soared nearly 25 per cent on the BSE, to an intra-day high of Rs 400 a share. On the NSE, it jumped nearly 28 per cent to Rs 410 a peice.

The government-appointed board of Satyam Computer today announced Venturbay Consultants, a subsidiary of Tech Mahindra, as the highest bidder to acquire controlling stake in the company, subject to the Company Law Board’s approval.

Tech Mahindra emerged as the top bidder with an offer of Rs 58 a share for a 31 per cent stake in Satyam. It would acquire the stake in an all-cash deal, followed by an open offer for a 20 per cent stake.

Heavy volume was seen on this counter, as over about 1.32 crore shares got traded on both the bourses.

Marketmen said, today’s development would boost investor sentiment, specially that of the foreign investors’ which had suffered a set back after the fraud came to light.

source: Economictimes

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