The three months race for the Satyam has ended today. The Govt. Appointed board has finalized the Tech Mahindra which submitted highest bid of Rs.58 per share has won the bidding race.
The other two bidders in the race L&T
Tech Mahindra will get 31% stake at Rs 58 per shares and will have to make open offer at same rate for another 20% stake.
Total cost for Tech Mahindra will be 2890 crores for 51% stake.
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The Company Law Board (CLB) has approved the Satyam stake sale plan. It has also approved the expansion of its share capital base to Rs 280 crore. Satyam is likely to sell 26% to a strategic partner and will issue another 60 crore shares at a face value of Rs 2. CLB has authorised an open competitive price bidding to induct a strategic partner. It wants the process of be transparent.
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The Board announced that it has appointed Mr. AS Murty as Satyam’s Chief Executive Officer, effective immediately. The board has also appointed Mr. Homi Khusrokhan and Mr. Partho Datta as Special Advisors to the Board.
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Satyam computer has made it clear that it is not looking at selling parts of scam hit satyam comaputer, the board has said it has received propoaals from companies and PE Firms.
Board also informed that it has apointed investment bankers to the company, and not yet apointed the CEO, CFO.
Satyam stocks opend on high note and gained alomost 22% or Rs. 8.40 the stocks touched high of 54.40 and clsoed at 47.25.
Board also informed media Jan 2009 salary will be paid.
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Is it L&T or any other company, today iGate has told it may be intrested to buy satyam as satyam has good assets and clients.
iGate even has told the Satyam has good quality staff working on projects, nad it my be intrested to take over the company.
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Satyam Board which is meeting toady will decide on CEO of the company and also appoint the investment Banker,
Market news is that the company has received some of the receivable to the company and working with the newly appointed auditors to restate the accounts.
The company may hold press meet in late evening,
Meanwhile, the market buzz is Larsan Turbo(L&T) which hold 4% stake in the company has increased its stake to 12% via block deals, this steps has been taken in order to proctet the LNT Intrest
Share price of Satyam closed at 38.85 up by 31%
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L&T ups stake in Satyam to 12% from 4%( market Buzz)
Lnt has done bulk buying in today trade
L&T has increased the stake in satyam computer to protect the companies intrest in Satyam.
LNT has not yet confirmed the same, and market buzz is that company may look for management control.
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Government announces three more directors to Satyam computers board.
1 CII’’s TARUN DAS,
2 LIC’s S Balakrishnan
3. T N Manoharan formar ICAI president
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NSE has decided to remove Satyam Computers from equity derivatives segment. Thus, fresh month contracts will not be introduced for the expiry month April 2009 on the expiration of January 2009 contracts. All existing contracts i.e. contracts with expiry dates February 26, 2009 and March 26, 2009 will expire on January 29, 2009. Accordingly, no futures and options contracts will be available in the underlying SATYAMCOMP for trading from January 30, 2009 onwards.
The security will continue to be available for trading in the capital market segment. (Cash Segment)
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The National Stock Exchange (NSE) has removed SATYAM COMPUTER from the Nifty Index with effect from January 12, 2008. The NSE said, Satyam will be replaced by Reliance Capital.
In circular to the members dated 07-01-2009, the NSE has said Satyam will also be removed from other indices and will be replaced as under.
S&P CNX Nifty Index
Satyam will be replaced by Reliance Capital
CNX Nifty Junior Index
Satyam will be replaced by Glenmark Pharmaceuticals
CNX 100 Index
Satyam will be replaced by Glenmark Pharmaceuticals
CNX IT Index
Satyam will be replaced by Core Projects & Technologies Ltd,
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