Tech M begins open offer for Satyam

After hitting the upper circuit barrier for three consecutive days, Satyam Computer Services’ share price was 0.5 per cent down today, to close at Rs 80.45 from the previous close of Rs 80.85.

This was even as Tech Mahindra’s open offer to acquire a 20 per cent stake in the company began today. Even the Tech Mahindra stock was down 6.7 per cent, to close at Rs 722.60 on the Bombay Stock Exchange.

Meanwhile, in a filing to the Securities and Exchange Commission (SEC), the Hyderabad-based firm has listed some names from among the 100 employees of Satyam which Venturbay Consultants — a 100 per cent subsidiary of Tech Mahindra and the vehicle through which the latter has bough Satyam — has agreed not to retrench.

The names of the key employees mentioned include: Joseph Abraham, Director and Senior Vice President; Ravi Shankar Bommakanti, Group Head — ADMS; Joseph J. Lagioia, Senior Vice President and Global Head, Consulting and Enterprise Solutions; Keshab Panda, Head — Manufacturing Automotive Group, Energy Group and Europe Operations; Manish Sukhlal Mehta, Global Head — SAP and Testing Practices; Rajan Nagarajan, Head — Solutions and Chief Information Officer; Nick Sharma, Global Head and Senior Vice President, Infrastructure Services; and Anand T R, Head — Asia and Head — TIMES (Telecom, Technology Infra, Media & Entertainment, Semiconductors) Digital Convergence Industry Verticals.

However, the list does not mention the name of A S Murty, the current CEO of Satyam. “Murty’s name was suggested to be in the list. But he asked to withdraw the name, saying that it will be better not to have it in the list,” said a source. The name of former interim CEO, Ram Mynampati, does not figure in the list either.