Tags: Mumbai , Satyam Computer , Tech Mahindra

Mumbai: Ending the three-month ordeal of about 50,000 employees, Tech Mahindra today emerged as a top bidder with an offer of Rs 58 a share for a 31 per cent stake in beleaguered Satyam Computer, beating a strong rival L&T.

Tech Mahindra would acquire the stake in an all-cash deal, followed by an open offer for a 20 per cent stake to take management control of the company.

No immediate comment could be obtained from either Tech Mahindra or L&T.

After evaluating the bids, the government-appointed board of Satyam Computer today announced that "its Board of Directors has selected Venturbay Consultants Private Limited, a subsidiary controlled by Tech Mahindra Limited as the highest bidder to acquire a controlling stake in the Company, subject to the approval of the Hon'ble Company Law Board." The Company was administered by a new Board appointed pursuant to the orders of the CLB dated January 9, 2009. The process to select a strategic investor has reached this significant stage within three months of the new Boards first meeting.

"On behalf of all Satyamites and their families, we congratulate Tech Mahindra on being the highest bidder. The selection of the highest bidder, in a fair, open and transparent process, signals a new stage for the Company in its progress towards stabilization and growth," Satyam said in an announcement.

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