L&T to wait for opportune time to sell Satyam stake

July 10th, 2009 MUMBAI - Mahindra Satyam, formerly Satyam Computer Services, Friday said it has allotted 198.6 million shares to Venturebay Consultants, a Tech Mahindra arm. After this allotment, Tech Mahindra will hold about 43 percent in the company.

June 11th, 2009 NEW DELHI - The surge in the Satyam Computer Services scrip might prompt the scam-tainted IT major to issue fresh shares to its new owner Tech Mahindra, analysts say. Tech Mahindra, which acquired 31 percent stake in Satyam in a global auction, is required under the bidding process stipulations to make an open offer for another 20 percent.

June 1st, 2009 MUMBAI - Satyam Computer Services Ltd Monday announced the appointment of Venki Prathivadi as the new country manager for Australia and New Zealand (ANZ). Satyam has also appointed Vijay Prasad as the principal adviser to the ANZ region, the company said in a regulatory statement.

May 22nd, 2009 NEW DELHI - India's fourth largest outsourcer Saytam Computers Friday said it has appointed four more directors on its board following a Company Law Board (CLB) directive April 16. The appointments were also as per a share subscription agreement between Tech Mahindra and its subsidiary Venturbay Capitals, which is acquiring a controlling stake in the scam-hit Satyam.

May 5th, 2009 MUMBAI - Satyam Computer Services Tuesday said it has allotted 30.28 crore equity shares, representing 31 percent of the share capital, to Venturbay Consultants, a subsidiary of Tech Mahindra, which is acquiring a controlling stake in the scam-hit IT major. 'The board of directors of the company allotted 30,27,64,327 equity shares on preferential basis to Venturbay Consultants,' the company said in a statement.

May 5th, 2009 NEW DELHI - The government-appointed board of Maytas Infra Ltd, an infrastructure firm linked to fraud-hit Satyam Computers, Tuesday said it was planning to raise funds through fresh loans and, if necessary, through a stake sale. 'The corporate debt restructuring, which we have initiated in consultation with our lenders will not only try to reschedule loans but also look at raising fresh loans for existing projects,' said Anil K.

April 27th, 2009 NEW DELHI - IT services exporter Tech Mahindra, which is taking over the fraud-hit IT giant Satyam Computer Services, Monday reported a net profit of Rs.221.3 crore for the fourth quarter of 2008-09. The company had reported a loss of Rs.207.07 crore in the corresponding period in 2007-08 after it accounted for one-time expense of Rs.440 crore, an official statement said.

April 22nd, 2009 MUMBAI - Tech Mahindra Wednesday announced its open offer for a 20-percent additional stake in Satyam Computer Services at Rs.58 per share, after buying 31 percent equity in the IT bellwether following a global auction. The offer to all existing shareholders of the Hyderabad-headquartered Satyam opens June 12 and closes July 1, the company told the regulators.

April 22nd, 2009 MUMBAI - After buying 31 percent of scam-tainted Satyam Computer Services, Tech Mahindra Wednesday announced an 'open offer' to acquire a further 20 percent stake so that it can get a controlling stake. As per the next steps laid out by the Satyam board, Tech Mahindra announced the 'open offer' to obtain 20 percent at Rs.58 per share for 199,079,413 shares of Satyam, the company said in a regulatory filing.

April 20th, 2009 HYDERABAD - Tech Mahindra, the IT arm of auto major Mahindra and Mahindra, Monday said it has deposited the amount needed for acquiring a majority stake in the fraud-hit Satyam Computer Services. Venturbay Consultants, a subsidiary of Tech Mahindra, was to pay $351 million for a 31 percent preferential allotment of new shares and would then make an open offer for a further 20 percent of the company at a cost of about $231 million, a company statement said.

April 16th, 2009 NEW DELHI - The Company Law Board Thursday approved the strategic sale of Satyam Computer Services to Tech Mahindra, and directed the consideration of Rs.1,756 crore (Rs.17.56 billion/$351 million) for a 31-percent stake be submitted by April 21. Tech Mahindra, which is acquiring Satyam through its subsidiary Venturbay, has also been allowed to make an open offer for another 20 percent stake at Rs.58 per share in India's fourth largest software exporting company.

April 13th, 2009 MUMBAI - Tech Mahindra has bought a 31 percent stake in the fraud-hit Satyam Computers on Monday. Tech Mahindra outbid Larsen and Toubro and other companies.

April 13th, 2009 MUMBAI - Prime Minister Manmohan Singh Monday said he was glad at the successful outcome of the auction to sell controlling stake in Satyam Computer Services and hoped scams like that perpetrated on the company would not recur. Reacting to Tech Mahindra winning the bid for a controlling stake in the scam-hit firm, the prime minister, here for election campaigning, told reporters that the government and the regulators were quick in their response when the financial fraud came to light.

April 13th, 2009 MUMBAI - The government-appointed Satyam Board on Monday will conduct the final bidding for the sale of 31 percent stake of the embattled IT company. "We have entered the final stage of the bidding process, and on Monday we will conduct the financial bidding in Mumbai to find the highest bidder for a 31 percent stake in Satyam Computer," Satyam Board Chairman Kiran Karnik said.

April 13th, 2009 MUMBAI - Following are the highlights of Tech Mahindra's winning bid for a controlling stake the scam-hit Satyam Computer Services, which was approved by its board here Monday and notified to stock exchanges: - Acquiring company: Venturbay Consultants Pvt Ltd, a Tech Mahindra subsidiary - Price at which acquisition of 31-percent stake approved: Rs.58 per share - Number of shares constituting 31 percent: 302,764,327 - Amount raised by way of 31-percent stake: Rs.1,756 crore ($351 million) - Money to be deposited in an escrow account by April 21 - If not, next highest bidder will be considered - Larsen and Toubro and consortium of Wilbur Ross-Cognizant were also in fray - Tech Mahindra to make open offer of 20 percent at Rs.58 per share - After open offer, total stake held cannot be more than 51 percent - Subscribers of American depository shares also eligible for open offer - Open offer to be made within 55 days - Company Law Board exemption for shareholder approval on preferential offer - Financial advisers: Goldman Sachs and Avendus Capital - Satyam board says no other bidder within 90 percent of Tech Mahindra's offer - Satyam board and Tech Mahindra execute share subscription pact - Two directors - Deepak Parikh and S.B. Mainak - abstained from decision