Software Outsourcing Company iGATE joins fray to buy majority stake in Satyam Computer Services

March 20th, 2009 HYDERABAD - The Satyam board met on Friday to assess the proposals of the bidders for acquiring up to 51% stake in the embattled IT company, and discuss several other issues. The Government-appointed company board has received several expressions of interest, including those from engineering major Larsen and Toubro, B K Modi-led Spice Group, software firm Tech Mahindra and iGate, a company official said after the meeting.

April 18th, 2009 IT major Tech Mahindra, which needs to pay Rs.1,756 crore for acquiring 31 percent stake in the troubled IT firm Satyam Computer Services, Saturday said it has raised Rs.600 crore through debt instrument.The government-appointed board of Satyam Monday named Venturbay - a subsidiary of Tech Mahindra - as the winner of the auction to sell a majority stake in the fraud-hit IT giant.Under the share subscription agreement signed by the winning bidder and the board, Tech Mahindra will have to deposit the bid amount in an escrow account by April 21. Tech Mahindra will also make an open offer for another 20 percent stake in Satyam at Rs.58 per share for controlling stake (51 percent).

March 9th, 2009 HYDERABAD - Fraud-hit Satyam Computer Services Monday said that it had started the process to sell 51-percent majority stake in the company by way of a global auction after India's market regulator gave it the go-ahead last week to do so. 'Commencing today (Monday), all interested bidders should register their interest in participating in the bidding process,' the company said in a regulatory filing.

March 6th, 2009 MUMBAI - Hyderabad-based Satyam Computer Services has secured the nod from the India's markets regulator to sell 51-percent majority stake by way of a global auction to put the software bellwether, hit by a $1.43-bilion fraud, back on rails. The Securities and Exchange Board of India (SEB) gave its permission to Satyam to facilitate a global competitive bidding process so as to sell the majority stake to an investor, the company said in a regulatory filing Friday.

January 26th, 2009 NEW DELHI - Engineering and infrastructure major Larsen and Toubro (L&T) Tuesday said it might further raise its stake in the scam-tainted Satyam Computers. 'Overall, we are only trying to improve our situation,' company chairman A.M.

March 12th, 2009 MUMBAI - Satyam Computer Services has begun the procedure of selecting an investor by inviting expressions of interest from bidders. SEBI has recently authorized Satyam to sell up to 51 percent stake.

March 12th, 2009 MUMBAI - IT services major Tech Mahindra has registered its interest in bidding for 51 percent stake in scam-hit Satyam Computers, it was announced Thursday. 'In line with the process set out by the board of Satyam Computer Services, Tech Mahindra, on March 12, 2009, registered its interest in participating in the bidding process.

June 23rd, 2009 Indian outsourcer Mahindra Satyam gets new CEOMUMBAI, India — Mahindra Satyam, a rebranded Indian outsourcing company nearly brought down in a $1 billion fraud, said Tuesday that C.P. Gurnani, an executive from its new controlling shareholder, has been appointed chief executive.

April 20th, 2009 HYDERABAD - Tech Mahindra, the new owner of scam-hit Satyam Computer Services, will announce an 'open offer' Tuesday to obtain an additional 20 percent stake in the software major, Satyam chairman Kiran Karnik said here Monday. Tech Mahindra, which deposited Rs.2,910 crore (Rs.29.1 billion) in an escrow account Monday for a 31 percent stake in Satyam, will see its total holding increase to 51 percent after the open offer.

April 13th, 2009 MUMBAI - Tech Mahindra, the IT arm of auto major Mahindra and Mahindra, Monday won the bid for India's fourth largest software exporter Satyam Computer. Satyam's new board of directors, which met here to select the highest bidder, chose Tech Mahindra following its bid of Rs.1,757 crore ($351.4 million) for 31 percent stake in the scam-tainted IT giant.

March 12th, 2009 MUMBAI - Infrastructure major Larsen and Toubro (L&T) and Mahindra and Mahindra's IT arm Tech Mahindra were among the bidders to register interest Thursday in acquiring a 51-percent stake in scam-hit Satyam Computer Services. L&T, which already holds 12 percent in the Hyderabad-based IT major said, in a regulatory statement: 'The company has registered its interest in participating in the bidding process set out by the board of Satyam Computer Services.' Earlier in the day, Tech Mahindra also registered interest in bidding.

March 9th, 2009 HYDERABAD - Fraud-hit Satyam Computer Services Monday said it had started the process to sell 51-percent majority stake in the company by way of a global auction after India's market regulator gave it the go-ahead last week to do so. 'Commencing today (Monday), all interested bidders should register their interest in participating in the bidding process,' the company said in a regulatory filing.

March 17th, 2009 Satyam allots 10,511 equity shares under stock option plans MUMBAI - IT firm Satyam Computers, on Tuesday said in a filing to the Bombay Stock Exchange that it has allotted 10,511 equity shares under its stock option plans. The government appointed Satyam board gave its consent to the allotment of shares on March 13, the filing said.

June 11th, 2009 MUMBAI - Between 7,000 to 10,000 Satyam employees have been put in a virtual pool, continuing their association with the company but with reduced pay, the IT firm said in a regulatory statement Thursday. The virtual pool programme is an innovative way of retaining the excellent human assets of Satyam despite the difficult economic situation, chairman Kiran Karnik said in the statement.

April 13th, 2009 MUMBAI - It was with a sense of satisfaction and achievement that the six-member board of Satyam Computer Services Monday announced the virtual 'rebirth' of the crisis-ridden software giant, hoping its future would now be sound and secure. At a hurriedly convened press conference after Tech Mahindra agreed to pick up a 31 percent stake in Satyam for Rs.1,756 crore (Rs.17.56 billion/$351 million) at Rs.58 per share, the board members appeared relaxed.