Tech Mahindra has won the bid for Satyam Computer Services. The long-drawn race finally drew to a close as it was confirmed that Tech Mahindra bid for Satyam at Rs 58 per share, while Larsen & Toubro, the other player in the fray, bid at Rs 49.50 per share. Earlier, it was reported that the bids received by the board for Satyam were between Rs 55-65 per share. The eagerly awaited Satyam bidding process started in Mumbai today. The deadline for submission of the final bid for Satyam was 9 am, April 13, 2009. The bidders submitted two envelopes; one a technical bid and second a financial bid. Only a bidder who cleared the technical bid qualifies for the financial bid. In case of a 10% differential between one or more bids and the highest bid, then an open auction would be triggered. L&T, Tech Mahindra, Cognizant and Wilbur Ross were believed to be in the fray for acquiring the company.
Tech Mahindra has won the bid for Satyam Computer Services
CA-CWA RAVI (CA-CWA in industry) (5464 Points)
13 April 2009
CAclubindia
