Nasdaq-listed iGate, owned by former marketing head of Infosys Phaneesh Murthy, agreed to buy Patni Computer Systems for $1 billion in shares.
Mahindra Satyam, a leading global consulting and IT services provider, said on Thursday that it has received a contract from Insurance Regulatory and Development Authority (IRDA) to implement SAP ERP.
Mahindra-Satyam shares fell to a 4-month low on Thursday, before recovering, on concerns over its outlook after Indian investigators filed new charges over accounting fraud that hit Satyam earlier this year.
Anil Kumar, charged with other executives over the biggest hedge fund insider-trading scheme, has sought leave from the board of a top Indian business school that he helped set up.
India's Tech Mahindra said on Monday it would still look to boost its stake in Mahindra Satyam through a purchase of new shares direct from Satyam, after a public offer received a poor response.
India's Tech Mahindra plans to absorb its new unit Mahindra Satyam to create a top-tier Indian outsourcing firm, the vice chairman of the two outsourcing firms said on Tuesday.
India's Satyam Computer Services said on Thursday it plans to put about 7,000 to 10,000 staff on virtual pool as part of the fraud-hit outsourcing firm's strategy to manage excess staff and cut costs.
Tech Mahindra revises Satyam open offer
India’s Tech Mihandra, which has 31 percent stake of fraud-hit Satyam Computer Services Ltd on Friday said its Rs. 1,154 billion or $231 million additional open offer of a 20 percent stake to its shareholders approach will be move on June 9 from the earlier schedule of June 3.
However, Dates for all other activities of the schedule remain unchanged, the filing said.
Share India’s Satyam Computer Services Ltd fell on Thursday after Tech Mihandra said it will repay its 3 billion rupee loan or $64 million in net proceeds, which had raised from state-run bank in February.
Revenues of India's Satyam Computer Services are in a downward slope, but the fraud-hit outsourcer was not looking at layoffs to tide over the slowdown, its chairman said on Friday. The company discussed cost control measures, including wage cuts, at its board meeting, Kiran Karnik told reporters after the meeting.
Tech Mahindra, an Indian telecommunications outsourcing firm won a bid to buy Satyam Computer Services for $351 million.
India's Tech Mahindra will pay more than $550 million for a controlling stake in Satyam Computer Services , throwing a lifeline to the fraud-hit firm and propelling itself into the top tier of Indian outsourcing firms.
India's Tech Mahindra won a bidding auction for fraud-hit Satyam Computer Services on Monday, in a deal that could lift the mid-sized outsourcer into the top tier of local software services firms.
Satyam Computer Services Ltd , the company snared in India's biggest corporate scandal, is set to announce a winning bidder for a controlling stake, and its shares jumped to a two-month high in anticipation on Monday.
Fraud-hit Satyam Computer Services Ltd has used 3 billion rupees ($60 million) of the 6.85 billion bank funds that it has arranged, The Economic Times said on Saturday citing documents from a highly placed source in the company.
Fraud-hit Satyam Computer Services Ltd's annual revenues appear to be about $1.5 billion to $1.7 billion, three sources who have analysed data provided by the outsourcing firm to bidders said on Thursday.
About 250-300 employees at fraud-hit Indian outsourcer Satyam Computer Services are joining Bank of America the Business Standard newspaper said on Wednesday.
Satyam Computer Services Ltd's search for a buyer suffered a setback on Thursday, as a source said IBM is not in the bidding, while India's Spice Group remains undecided about its participation.
The board of Satyam Computer Services has shortlisted about eight bidders, including IBM and private equity firm Apax Partners, for buying the fraud-hit outsourcer, the Economic Times said on Thursday.
Spice Group, a suitor for Satyam Computer Services , may withdraw from the race to buy the fraud-hit Indian outsourcing firm due to a lack of desired transparency in the bidding process, its chairman said on Wednesday.
The board of Satyam Computer Services Ltd began a meeting on Friday as the deadline neared for suitors to submit their expressions of interest in acquiring a majority stake in the fraud-hit Indian outsourcer.
U.S.-based outsourcer iGate Corp's bid for fraud-hit Satyam Computer Services Ltd will be well short of the current market price, its chief executive told a television channel on Monday.