Tech Mahindra wins Satyam bid: Report

Tech Mahindra on Monday outbid L&T and others and won the Satyam bid, TV reports said.


According to Times Now sources, Tech Mahindra will pay Rs 1757cr for 31% stake in Satyam. It will pay Rs 58 per share of the company. The face value of Satyam shares is Rs 2 per share.

Meanwhile engineering firm L&T reportedly made an offer of around Rs 49 for each Satyam share.

L&T, Tech Mahindra and Wilbur Ross had all put in technical and financial bid for Satyam Computer Services earlier on Monday.

BK Modi's Spice Corp did not submitted a bid for Satyam. "We have not submitted bid for Satyam. Our board wanted e-auction and since there is no e-auction, so we decided not to participate in the process," Spice Corp chairman B K Modi said.

According to PTI sources, Cognizant Technologies also did not put in its bid to acquire stake in the firm