Mahindra Satyam, formerly Satyam Computer Services, Friday said it has allotted 198.6 million shares to Venturebay Consultants, a Tech Mahindra arm.
After this allotment, Tech Mahindra will hold about 43 percent in the company.
The transfer of shares was done after Venturebay paid Mahindra Satyam Rs.1,152 crore (Rs.11.52 billion or $230 million), according to the agreement governing the takeover of the scam-tainted firm by Tech Mahindra, the IT arm of the Mahindra and Mahindra group.
Tech Mahindra had Monday said its open offer to acquire a further 20 percent in Satyam had resulted in it getting only 0.1 percent. It had stated it would subscribe for additional shares through a second preferential allotment.
Showing posts with label Tech Mahindra. Show all posts
Showing posts with label Tech Mahindra. Show all posts
Friday, July 10, 2009
Wednesday, June 10, 2009
Satyam hits upper circuit, Tech Mahindra surges
Satyam Computer today hit the upper limit surging by 10 per cent on the Bombay Stock Exchange (BSE), for the second consecutive session, a day after the scam-tainted IT firm came out with results demonstrating that it was down but not out.
Satyam's new owner Tech Mahindra soared nearly 28 per cent at Rs 758 on the BSE and later traded at Rs 744.20, up 25.46 per cent.
After opening high on bourses, shares of Satyam hit the upper circuit at Rs 73.50 on the BSE, up 9.95 per cent over previous close. On the National Stock Exchange, Tech Mahindra surged by 12.90 per cent to a high of Rs 840. It was later quoting at Rs 824, up by 10.75 per cent, a leading broker said.
Yesterday, Satyam reported a net profit of Rs 160.50 crore for the October-December 2008, a period that saw the beginning of Satyam's fall from grace. The total income was Rs 2,327.21 crore. Satyam was at lowest level in January with a profit of Rs four crore before showing signs of revival by recording a Rs 52 crore profit in February. This was despite losing about two dozen clients.
Satyam's new owner Tech Mahindra soared nearly 28 per cent at Rs 758 on the BSE and later traded at Rs 744.20, up 25.46 per cent.
After opening high on bourses, shares of Satyam hit the upper circuit at Rs 73.50 on the BSE, up 9.95 per cent over previous close. On the National Stock Exchange, Tech Mahindra surged by 12.90 per cent to a high of Rs 840. It was later quoting at Rs 824, up by 10.75 per cent, a leading broker said.
Yesterday, Satyam reported a net profit of Rs 160.50 crore for the October-December 2008, a period that saw the beginning of Satyam's fall from grace. The total income was Rs 2,327.21 crore. Satyam was at lowest level in January with a profit of Rs four crore before showing signs of revival by recording a Rs 52 crore profit in February. This was despite losing about two dozen clients.
Tuesday, June 9, 2009
Tech Mahindra leads gainers in 'A' group
Telecom software major Tech Mahindra topped the gainers in the Bombay Stock Exchange's A group, with its scrip surging by 25.46 per cent to Rs 744.20 after Satyam Computer Services posted unaudited consolidated net profit of Rs 160 crore in Q3 December 2008.
On June 12, the company will launch an open offer to buy up to 20 per cent in Satyam from its shareholders. If the open offer is fully accepted, it would take Tech Mahindra's holding in Satyam to 51 per cent.
Satyam Computer Services was locked at upper limit of 10 per cent at Rs 66.85 on the BSE after posting unaudited consolidated net profit of Rs 160 crore in Q3 December 2008, a leading broker said.
On BSE, 1.40 crore shares were traded at the counter. The scrip had an average daily volume of 1.47 crore shares in the past one quarter. The stock hit a low of Rs 58.25 so far during the day. The stock had hit a 52-week high of Rs 502 on June 9, 2008, and a 52-week low of Rs 11.50 on January 9, 2009.
The stock had outperformed the market over the past one month till June 8, rising 34.22 per cent as compared to the Sensex's 23.49 per cent rise. It had, however, underperformed the market in the past one quarter, gaining 44.42 per cent as against the Sensex rise of 76.15 per cent. The mid-cap software outsourcer has an equity capital of Rs 195.34 crore. Face value per share is Rs 2.
On June 12, the company will launch an open offer to buy up to 20 per cent in Satyam from its shareholders. If the open offer is fully accepted, it would take Tech Mahindra's holding in Satyam to 51 per cent.
Satyam Computer Services was locked at upper limit of 10 per cent at Rs 66.85 on the BSE after posting unaudited consolidated net profit of Rs 160 crore in Q3 December 2008, a leading broker said.
On BSE, 1.40 crore shares were traded at the counter. The scrip had an average daily volume of 1.47 crore shares in the past one quarter. The stock hit a low of Rs 58.25 so far during the day. The stock had hit a 52-week high of Rs 502 on June 9, 2008, and a 52-week low of Rs 11.50 on January 9, 2009.
The stock had outperformed the market over the past one month till June 8, rising 34.22 per cent as compared to the Sensex's 23.49 per cent rise. It had, however, underperformed the market in the past one quarter, gaining 44.42 per cent as against the Sensex rise of 76.15 per cent. The mid-cap software outsourcer has an equity capital of Rs 195.34 crore. Face value per share is Rs 2.
Friday, June 5, 2009
Tech Mahindra revises Satyam open offer dates
IT firm Tech Mahindra has extended the date for approaching the shareholders of Satyam Computer regarding its Rs 1,154 crore open offer for the purchase of a 20 per cent stake in the scam-hit firm, a move which that has come days after market regulator S EBI cleared the open offer.
In a filing to the Bombay Stock Exchange, Satyam Computer said the last date by which letter of offer will be dispatched to the shareholders has been revised to June 9, from the earlier scheduled date of June 3.
Further, the last date of withdrawal by shareholders has also been revised to June 26, from the earlier June 27.
''Dates for all other activities of the schedule remain unchanged,'' the filing added. The Securities and Exchange Board of India (SEBI) had received the open offer for its consideration on May 6, and issued its ''observations'' on May 27.
Through Venturbay Consultant, its acquisition vehicle for the Satyam Computer purchase, Tech Mahindra had announced an open offer on April 22 for buying an additional 20 per cent from the shareholders of the IT firm.
The open offer was made pursuant to Tech Mahindra buying a 31 per cent stake in Satyam for Rs 1,756 crore through the issue of preferential shares after an auction process conducted by the government-appointed board of Satyam.
In a filing to the Bombay Stock Exchange, Satyam Computer said the last date by which letter of offer will be dispatched to the shareholders has been revised to June 9, from the earlier scheduled date of June 3.
Further, the last date of withdrawal by shareholders has also been revised to June 26, from the earlier June 27.
''Dates for all other activities of the schedule remain unchanged,'' the filing added. The Securities and Exchange Board of India (SEBI) had received the open offer for its consideration on May 6, and issued its ''observations'' on May 27.
Through Venturbay Consultant, its acquisition vehicle for the Satyam Computer purchase, Tech Mahindra had announced an open offer on April 22 for buying an additional 20 per cent from the shareholders of the IT firm.
The open offer was made pursuant to Tech Mahindra buying a 31 per cent stake in Satyam for Rs 1,756 crore through the issue of preferential shares after an auction process conducted by the government-appointed board of Satyam.
Tuesday, April 14, 2009
Tech Mahindra says Satyam poses challenges
Tech Mahindra, which Monday agreed to acquire a controlling stake in Satyam Computer Services, admitted the crisis-ridden IT firm's liabilities would add to the challenges usually associated with an acquisition.
"We have taken on a challenge and we will make it work," Mahindra and Mahindra group vice-chairman and managing director Anand Mahindra told reporters after being selected as the highest bidder for the Hyderabad-based IT firm.
Mahindra said merger and acquisition decisions were taken in the best interest of shareholders. "We will try to make it as less painful as possible," he added.
Tech Mahindra vice chairman, managing director and chief executive Vineet Nayyar also admitted that the ride was not going to be smooth.
"Satyam's revenues have dipped from $1.8 billion to $1.5 billion and may come down to $1.3 billion in the next quarter," Nayyar said.
"Liabilities are there in terms of Upaid and the class action suits," he said, referring to the UK-based mobile payment operator that filed a case accusing Satyam of forgery.
"We had, however, made a fair assessment of what these liabilities would translate into. Let's hope we were right," Nayyar added.
Satyam faces the threat of paying up to $1 billion as damages to Upaid. Apart from this, a dozen-odd class action suits have been filed against it in the US.
But Kiran Karnik, chairman of Satyam's reconstituted board, is optimistic.
"Satyam is a fundamentally sound company with an impressive client roster and committed employees," Karnik said at a separate media briefing.
Satyam's reconstituted board has gone all out to get some clarity on its books of accounts, which were cooked by co-founder B. Ramalinga Raju over several years.
According to a company statement, Satyam's revenue stands at Rs.650 crore per month, while its operating profit is between Rs.15-20 crore per month.
The Hyderabad-based major also has immovable assets in terms of 450 acres of land, of which 125 acres are in Hyderabad alone that house its campuses.
The total valuation of the 125 acres is around Rs.1,700 crore.
"We are trying to get the accounts restated for the past five years starting from last quarter of 2008-09. It will take a few more months," added Deepak Parekh, HDFC chairman and a Satyam board member.
"We have taken on a challenge and we will make it work," Mahindra and Mahindra group vice-chairman and managing director Anand Mahindra told reporters after being selected as the highest bidder for the Hyderabad-based IT firm.
Mahindra said merger and acquisition decisions were taken in the best interest of shareholders. "We will try to make it as less painful as possible," he added.
Tech Mahindra vice chairman, managing director and chief executive Vineet Nayyar also admitted that the ride was not going to be smooth.
"Satyam's revenues have dipped from $1.8 billion to $1.5 billion and may come down to $1.3 billion in the next quarter," Nayyar said.
"Liabilities are there in terms of Upaid and the class action suits," he said, referring to the UK-based mobile payment operator that filed a case accusing Satyam of forgery.
"We had, however, made a fair assessment of what these liabilities would translate into. Let's hope we were right," Nayyar added.
Satyam faces the threat of paying up to $1 billion as damages to Upaid. Apart from this, a dozen-odd class action suits have been filed against it in the US.
But Kiran Karnik, chairman of Satyam's reconstituted board, is optimistic.
"Satyam is a fundamentally sound company with an impressive client roster and committed employees," Karnik said at a separate media briefing.
Satyam's reconstituted board has gone all out to get some clarity on its books of accounts, which were cooked by co-founder B. Ramalinga Raju over several years.
According to a company statement, Satyam's revenue stands at Rs.650 crore per month, while its operating profit is between Rs.15-20 crore per month.
The Hyderabad-based major also has immovable assets in terms of 450 acres of land, of which 125 acres are in Hyderabad alone that house its campuses.
The total valuation of the 125 acres is around Rs.1,700 crore.
"We are trying to get the accounts restated for the past five years starting from last quarter of 2008-09. It will take a few more months," added Deepak Parekh, HDFC chairman and a Satyam board member.
Tuesday, June 17, 2008
Tech Mahindra Enters into Strategic Internet Protocol TV (IPTV) Global Alliance
Tech Mahindra, India's sixth largest software exporter and largest solution provider focused on global telecom industry, has entered into a strategic global alliance with Microsoft Corp. to address its System Integration (SI) requirements for deployments of the award-winning Microsoft Mediaroom Internet Protocol Television (IPTV) and multi-media software platform. Through the alliance, Tech Mahindra's solution will provide deployment and integration services for new and existing Microsoft Mediaroom broadband service provider customers to deploy IPTV services, which are expected to gain momentum in the coming years.
The alliance will further empower Tech Mahindra in its quest to implement best-performing IPTV solutions and support cutting-edge technologies in interactive digital television. It will also help Tech Mahindra strengthen its IPTV SI capabilities and give both companies an opportunity to expand into new markets.
The alliance, which builds on Tech Mahindra's leadership in integrating end-to-end multimedia solutions and Microsoft's proven success in bringing connected TV ser-vices to market, will give service providers another way to accelerate and differenti-ate their TV offerings. Microsoft Mediaroom, which enables broadband service pro-viders to deliver new connected TV and entertainment experiences to consumers, is already being deployed or trialed by over 20 service providers worldwide.
According to Mr. CP Gurnani, President Tech Mahindra: "Tech Mahindra through its sustained investments in R&D, has developed strong IPTV capabilities across several areas that include: system integration capabilities, product engineering, infrastruc-ture deployment and specific BSS/OSS capabilities. Tech Mahindra is engaged with a number of incumbent and emerging service providers in the IPTV domain and Triple Play around the world. We are very excited about this alliance with Microsoft as the relationship presents a tremendous opportunity for both organizations to strengthen our leadership positions in IPTV "
"We are committed to teaming with best-in-class technology partners to deliver the best connected TV services using Microsoft Mediaroom," said Joe Seidel, director of global partner ecosystems for Microsoft Mediaroom. "Tech Mahindra was a natural choice for us given its experience in digital video solutions and services. Adoption of our platform continues to accelerate, and we are excited the company is joining our ecosystem at this crucial inflection point."
About Tech Mahindra:
Tech Mahindra is a leading provider of solutions and services to the telecommunications industry, majority stake owned by Mahindra & Mahindra, in partnership with BT Plc. With total revenues of USD 943 million in the year ended March 31, 2008, Tech Mahindra is India's 6th largest software exporter, and serves telecom service providers, equipment manufacturers, software vendors and systems integrators. Tech Mahindra solutions enable clients to maximize returns on IT investment by achieving fast time to market reduced total cost of ownership and high customer satisfaction. Tech Mahindra achieves this through its domain and process expertise, distinctive IT skills, research and development, proven innovative delivery models and approach to off shoring. Assessed at SEI-CMMi Level 5 and PCMM Level 5, Tech Mahindra's track record for value-delivery is supported by over 23,000 professionals who provide a unique blend of culture, domain expertise and in-depth technology skill-sets. Its development centres are ISO 9001:2000 & BS7799 certified. Tech Mahindra has prin-cipal offices in the UK, United States, Germany, UAE, Egypt, Singapore, India, Thai-land, Malaysia and Indonesia.
For more information visit: www.techmahindra.com
The alliance will further empower Tech Mahindra in its quest to implement best-performing IPTV solutions and support cutting-edge technologies in interactive digital television. It will also help Tech Mahindra strengthen its IPTV SI capabilities and give both companies an opportunity to expand into new markets.
The alliance, which builds on Tech Mahindra's leadership in integrating end-to-end multimedia solutions and Microsoft's proven success in bringing connected TV ser-vices to market, will give service providers another way to accelerate and differenti-ate their TV offerings. Microsoft Mediaroom, which enables broadband service pro-viders to deliver new connected TV and entertainment experiences to consumers, is already being deployed or trialed by over 20 service providers worldwide.
According to Mr. CP Gurnani, President Tech Mahindra: "Tech Mahindra through its sustained investments in R&D, has developed strong IPTV capabilities across several areas that include: system integration capabilities, product engineering, infrastruc-ture deployment and specific BSS/OSS capabilities. Tech Mahindra is engaged with a number of incumbent and emerging service providers in the IPTV domain and Triple Play around the world. We are very excited about this alliance with Microsoft as the relationship presents a tremendous opportunity for both organizations to strengthen our leadership positions in IPTV "
"We are committed to teaming with best-in-class technology partners to deliver the best connected TV services using Microsoft Mediaroom," said Joe Seidel, director of global partner ecosystems for Microsoft Mediaroom. "Tech Mahindra was a natural choice for us given its experience in digital video solutions and services. Adoption of our platform continues to accelerate, and we are excited the company is joining our ecosystem at this crucial inflection point."
About Tech Mahindra:
Tech Mahindra is a leading provider of solutions and services to the telecommunications industry, majority stake owned by Mahindra & Mahindra, in partnership with BT Plc. With total revenues of USD 943 million in the year ended March 31, 2008, Tech Mahindra is India's 6th largest software exporter, and serves telecom service providers, equipment manufacturers, software vendors and systems integrators. Tech Mahindra solutions enable clients to maximize returns on IT investment by achieving fast time to market reduced total cost of ownership and high customer satisfaction. Tech Mahindra achieves this through its domain and process expertise, distinctive IT skills, research and development, proven innovative delivery models and approach to off shoring. Assessed at SEI-CMMi Level 5 and PCMM Level 5, Tech Mahindra's track record for value-delivery is supported by over 23,000 professionals who provide a unique blend of culture, domain expertise and in-depth technology skill-sets. Its development centres are ISO 9001:2000 & BS7799 certified. Tech Mahindra has prin-cipal offices in the UK, United States, Germany, UAE, Egypt, Singapore, India, Thai-land, Malaysia and Indonesia.
For more information visit: www.techmahindra.com
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