Mumbai: Scam-hit Satyam now belongs to Venturbay Consultants, a subsidiary of Tech Mahindra. It outbid L&T's offer of Rs 49.50 a share to take a 31 per cent stake in the company for Rs 1,756 crore.
The Government-appointed board, after months of handholding, is today satisfied with the deal.
â€œI am very happy that now Satyam is with a new investor. It has been a great company which was driven off course. We as a board tried to put out the fire and get it on course and I am pleased to say that the company has a new captain onboard. The company will now move forward as it deserves,â€ Chairman of the Satyam board Kiran Karnik said.
However, the Company Law Board has to give its seal of approval to the deal. But that is likely to be just a formality.
Tech Mahindra will have to make an open offer for an additional 20 per cent stake to get management control.
â€œWe put our best foot forward. We had a bid which we thought was reasonable for us,â€ Managing Director Anand Mahindra said.
The current board is working out a transition plan. Restatement of Satyam's accounts will take another four-five months. But the sale brings to an end a difficult three months at Satyam, raising questions which it took a Prime Minister to answer.
â€œIn India when a fraud took place it was confined only to one industry. I am confident that our regulatory system has resilience and the strength to ensure that no other Satyam will ever take place,â€ PM Manmohan Singh said.