MUMBAI -- Indian software company Tech Mahindra Ltd. is the highest bidder for a stake in rival Satyam Computer Services Ltd., two people familiar with the development said Monday.
"They (Tech Mahindra) have emerged as the clear winner. They had bid at 58 rupees ($1.16) per share," one of them told Dow Jones Newswires. The next bidder was Larsen & Toubro Ltd. at 49.50 rupees, the person added.
According to the process laid down earlier, the bid is for a 31% stake in Satyam. This will be followed by an open offer for another 20% in the company.
At 58 rupees per share, Tech Mahindra would have to pay about 32 billion rupees to 33 billion rupees for a controlling 51% stake in Satyam, said Apurva Shah, an IT analyst with Mumbai-based brokerage Prabhudas Lilladher.
Source:
http://online.wsj.com/article/SB123960585583213041.html?mod=googlenews_wsj
No comments:
Post a Comment