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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: India outsourcing firm buys stake in Satyam By ERIKA KINETZ,AP Business Writer AP - Tuesday, April 14 MUMBAI, India - Indian telecommunications outsourcing firm Tech Mahindra has bought a controlling stake in Satyam Computer Services, the outsourcing giant nearly brought down in a $1 billion fraud. ADVERTISEMENT Satyam board members and investment bankers from Goldman Sachs and Avendus Capital had planned to hole up all day in a room in Mumbai's elegant Taj President hotel, poring over the offers. But the exercise proved short. Just three bidders came forward for what was once India's fourth-largest outsourcing company, two Satyam spokespeople said Monday. Shortly after noon _ about three hours after the deadline for bids _ Tech Mahindra emerged the clear winner. "We hope this will infuse greater confidence and comfort amongst customers," said Kiran Karnik, Satyam's chairman. Suitors faced the difficult task of valuing Satyam before its scrambled books had been untangled, and the wide range of bid prices underscored the uncertain valuation of the company. Satyam, which is listed on the New York Stock Exchange, also faces a spate of class action suits in the U.S. Tech Mahindra, which is owned by India's Mahindra & Mahindra Ltd and British Telecommunications, agreed to purchase 31 percent of Satyam for $351 million through a new share issue, offering 58 rupees a share. It will also make an offer on the open market to buy an additional 20 percent of Satyam. Larsen & Toubro, one of India's largest engineering conglomerates, which acquired a 12 percent stake in Satyam from late last year into January, offered 45.90 rupees a share. U.S. based private equity investor Wilbur Ross offered 20 rupees a share, Satyam's board said Monday. The winning bidder must be approved by the government. Satyam was plunged into turmoil Jan. 7 when founder B. Ramalinga Raju confessed to a $1 billion fraud. Raju and eight others, including two auditors from Price Waterhouse, are facing criminal charges for allegedly stealing millions of dollars from the company. Ratings agency Fitch was so concerned about the uncertainties that it withdrew its rating from Tech Mahindra after the company expressed interest in acquiring Satyam. "We were dealing with a situation where the accounts of the company were not certified," said Larsen & Toubro spokesman Deepak Morada, adding that Larsen & Toubro would continue to pursue other growth opportunities. "Satyam came up as an unexpected opportunity," he said. The sale of Satyam had taken on urgency amidst client and staff defections. Satyam's staff shrank from 52,000 to 48,000 between September and March, according to the company. Board member S.B. Mainak said Satyam has lost 10 to 15 percent of its clients since the scandal broke. State Farm and Coca Cola have terminated their contracts with Satyam. Caterpillar and Applied Materials have reduced the work they send to Satyam, and National Australian Bank has put on hold future work, according to Satyam. GE and General Motors have stayed, and Satyam says it's gotten $380 million worth of new business since mid-December. "The uncertainty about what is going to happen is over," said Sudin Apte, senior analyst for Forrester Research. "From Tech Mahindra's perspective, it's surely a good expansion plan," he added. He said the acquisition will help Tech Mahindra diversify its business and could bump it into the top tier of Indian outsourcing firms. It is now India's seventh largest outsourcing firm, he said. Satyam shares closed up 3.6 percent, at 48.85 rupees a share, on the Bombay Stock Exchange. Tech Mahindra shares gained 12.3 percent, to close at 359.45 rupees a share. Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Thailand's turmoil to slam already reeling economyAP - 1 hour 20 minutes ago GULF STOCKS-Most Gulf markets rise as banks lead gainersReuters - 1 hour 24 minutes ago HIGHLIGHTS-Tech Mahindra executives on Satyam bidReuters - 1 hour 38 minutes ago Boeing shares fall on production cut worriesReuters - 1 hour 40 minutes ago Tech Mahindra to sell $120 mln bonds-sourcesReuters - 1 hour 43 minutes ago Most Popular – Business Viewed Mummies found in ancient Egypt burial chamber Harry Potter actor arrested over cannabis find Swedish church unveils Lego Jesus statue for Easter US govt tells GM to prepare for bankruptcy filing Soldiers get a taste of Afghanistan in US training View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! 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