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Satyam Selects Tech Mahindra to Acquire Majority Interest



 

Mumbai, 13 April 2009: Satyam Computer Services Ltd. (NYSE: SAY; BSE: SATYAM; NSE: SATYAMCOMP) (the "Company"), announced today that its Board of Directors (the “Board”), has selected Venturbay Consultants Private Limited, a subsidiary controlled by Tech Mahindra Limited (“Tech Mahindra”) as the highest bidder to acquire a controlling stake in the Company, subject to the approval of the Hon'ble Company Law Board.

 

The Company has been administered by a new Board appointed pursuant to the orders of the Hon’ble Company Law Board dated January 9, 2009. The process to select a strategic investor has reached this significant stage within three months of the new Board’s first meeting.

 

“On behalf of all Satyamites and their families, we congratulate Tech Mahindra on being the highest bidder. The selection of the highest bidder, in a fair, open and transparent process, signals a new stage for the Company in its progress towards stabilization and  growth. We hope this will infus