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Tech Mahindra climbs 12% on Satyam win

Tech Mahindra climbs 12% on Satyam win
PTI
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First Published: Mon, Apr 13 2009. 05 39 PM IST
Updated: Mon, Apr 13 2009. 05 39 PM IST
Mumbai: Shares of software firm Tech Mahindra on Monday settled the day with a jump of over 12% on the BSE, buoyed by its success in the race for acquiring majority stake in the Hyderabad-based IT firm Satyam Computer Services.
At the end of day’s session Tech Mahindra was trading at Rs359.45, up 12.31% on the BSE. On the NSE, the scrip ended the day at Rs354.90, up 10.79%.
During the day the stock witnessed a smart rally and soared nearly 25% on the BSE, to an intra-day high of Rs400 a share. On the NSE, it jumped nearly 28% to Rs410 a peice.
The government-appointed board of Satyam Computer on Monday announced Venturbay Consultants, a subsidiary of Tech Mahindra, as the highest bidder to acquire controlling stake in the company, subject to the Company Law Board’s approval.
Tech Mahindra emerged as the top bidder with an offer of Rs58 a share for a 31% stake in Satyam. It would acquire the stake in an all-cash deal, followed by an open offer for a 20% stake.
Heavy volume was seen on this counter, as over about 1.32 crore shares got traded on both the bourses.
Marketmen said, today’s development would boost investor sentiment, especially that of the foreign investors’ which had suffered a set back after the fraud came to light.
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First Published: Mon, Apr 13 2009. 05 39 PM IST