Tech mahindra wins bid for Satyam; to pay Rs 1757 crore for 31% at Rs 58/share. Tech Mahindra bids for Satyam Computers at Rs 58 per share. While L&T bid Rs 49.50 per share and is out of race for Satyam.
Satyam’s financial bid round is over and 3 bidders have been qualified in this round. One of the 3 bidders who have qualified is expected to be Tech Mahindra. The stock has shoot up tremendously and is trading up over 20%. Tech Mahindra will need minimum Rs 2890 crore at bidding price of Rs 58 per share.Sudin Apte, Senior Analyst and Country Head for Forrester said that L&T might be a better bidder as against Tech Mahindra for Satyam. L&T followed by Cognizant have minimum dissatisfied clients. Thus, he sees minimun exit of Satyam clients if L&T or Cognizant takes over the IT major.
He sees maximum exit of clients if Tech Mahindra takes over Satyam. He said that if Tech Mahindra is the winner, Satyam’s revenues are likely to be between $ 700-800 million.
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