Pune-based
In January, State Farm terminated its contract with the Mumbai outsourcing firm, and CIGNA confirmed its monitoring of Satyam developments, Insurance Networking News reported.
In early March, the company asked the Securities and Exchange Board in India for permission to sell a 51% share, and at that time, IBM was reported as the front-runner with interest in the struggling company.
At 58 rupees per share, the deal will net Tech-Mahindra a 31% stake in the company, with the acquisition calling for it to acquire another 20% from investors at the same price, Satyam said. Thats about one-tenth of Satyams one-year peak of 524.9 rupees on May 29. U.S. billionaire Ross offered 20 rupees, and Larsen 45.9 rupees a share, Satyam Chairman Kiran Karnik told Bloomberg.
Owned by
The deal will make Tech Mahindra a more viable competitor to