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Satyam deal sealed

Apr 13, 2009 02:45 PM

The long wait is over! Tech Mahindra promoted by M&M group has bagged the Satyam Computer deal after bidding at Rs 58 per share. Now Tech Mahindra has to pay a sum of Rs 2,889 crores to become the 31 percent stake holder in Satyam.

The new master will run the company with separate liabilities, it is stated. Tech Mahindra will have to shell out Rs 1,500 crores to Satyam and the latter will run the company until the former raises the stakes to 51%.

It may be noted that Spice, IBM and iGate had preferred to leave the scene due to reasons like lack of transparency in the bidding and falling revenues. This left Tech Mahindra and Cognizant in the race and finally it was Tech Mahindra that came out successfully.

This has brought a huge sigh of relief to 600 clients and around 50,000 employees of Satyam Computers.

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