In recent developments , Company Law Board (CLB) approved Tech Mahindra`s Bid for Satyam. CLB chairman S. Balasubramanian said "Having convinced myself that the board of directors has selected a technically and financially competent/qualified strategic investor... I accept the recommendation".
After the deal Tech Mahindra will be in Top IT companies list. Tech Mahindra will pay $351 million for allotment of new shares in Satyam and around $225 million for another 20% stake which will be via open offer.
Meanwhile there were reports that Spice group , who was in initial stages of bidding, has approached SEBI for non transparency in deal.. As Per B K Modi , the deal was not transparent because
1)The bid was not the open one.
2)Deepak Parekh is one of the board member of Tech Mahindra.
3)Board doesn”t know about the assets and liabilities of the company and without knowing and stating the financial account how can a market price decide Satyam sale.The open auction can only determine the price of the company not the market price .
But anyway , we think that this effort of getting a strategic investor for Satyam in just 100 days is a landmark achievd by Government appointed Satyam Board.
All the Best to Satyam for future.
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Friday, April 17, 2009
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