Tech Mahindra buys major number of shares of Satyam


Tech Mahindra, an M&M-promoted company ,a mid-sized IT outsourcer, has won the bid for Satyam Computer after bidding at Rs 58 per share. Tech Mahindra has secured complete funding to acquire a 51 per cent stake in Satyam.  Reports say that Tech Mahindra may be interested in acquiring Satyam as part of its strategy to evolve from a telecom industry focused IT firm to a full fledged IT services company spanning across all sectors. Earlier reports mentioned that HP, IBM, Mindtree would also be interested in acquiring Satyam.Satyam’s sale is likely to help restore confidence in India’s IT services sector at a time the global economic downturn has already slowed growth.


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