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UPDATE: Tech Mahindra pips L&T to claim Satyam

This article was posted on Apr 13, 2009 and is filed under Stock News

Tech Mahindra has pipped Larsen & Toubro and the Wilbur Ross group to claim the fraud-hit Satyam Computer.

According to television reports, Tech Mahindra is paying Rs 1,757 crore for a 31% stake in the company, at Rs 58 per share.

The deal is subject to statutory clearances from Sebi and the Company Law Board (CLB).

L&T and Wilbur Ross, the other two contenders who remained in the fray till the end, are reported to have quoted conservatively. Spice Group had earlier announced its decision not to participate in the bidding process.

L&T has already built up a 12% stake in the ailing company, which it does not plan to divest, say television reports.

Stock market response.

Satyam Computer Services was up nearly 7% to Rs 50.40, just after the announcement.

The counter has clocked hefty volumes of over four crore shares so far on the BSE.

Meanwhile, Tech Mahindra is now up 14% to Rs 365, despite having tumbled nearly 7% in morning trades.

Updated at 1100 hrs

Satyam Computer Services has zoomed 14% to Rs 53.75 ahead of the announcement of the highest bidder for the company later today.

As of 1100 hrs, the counter has clocked hefty volumes of around 1.55 crore shares so far on the BSE.

According to sources, Larsen & Toubro, Tech Mahindra and WL Ross have submitted their bids.

As per latest information, technical evaluation of the bids is over, and the financial evaluations of the bids will start soon.

However, the company is likely to announce the winner’s name after market hours.

source: Business-Standard

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