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How Tech Mahindra won the Satyam bid

April 13, 2009

After evaluating each bidder's technical bid and determining that each bidder qualified, the board and Justice Bharucha opened each shortlisted bidder's financial bid in the presence of each shortlisted bidder and ranked them based on price.

Since there was no bid within at least 90 per cent of Tech Mahindra's bid, which was the highest bid, the board, finding Tech Mahindra's bid to be satisfactory and in the interests of the company, declared Tech Mahindra as the highest bidder.

Upon being declared the highest bidder, Tech Mahindra and Satyam executed a share subscription agreement with the company on April 13, 2009 (the 'Share Subscription Agreement').

Image: HDFC chairman Deepak Parekh, who is also on the Satyam board. | Photograph: Krishnendu Halder/Reuters