Tech Mahindra's open offer for Satyam

IT firm Tech Mahindra on Monday deposited Rs 2,910 crore for 51 percent controlling stake in Satyam Computer, of the total amount, Rs 1,756 crore is for 31 pc stake and Rs 1,150 crore is for 20 pc through open offer which will begin on Tuesday.

Satyam board Chairman Kiran Karnik said after the board meeting in which Tech Mahindra officials and Mahindra Group chief Anand Mahindra were invitees.

Mahindra said Satyam may not be a racing car but it no longer is a sinking ship.

"We are constrained to give more detail due to some regulatory issues and the open offer coming out tomorrow," he added.

The board has given to Tech Mahindra a list of 100 key employees to be retained. There is no decision yet on Ram Mynampati, former CEO of Satyam.

The six existing members on Satyam board will continue till further orders.

"Our advice is that A S Murty continue as CEO, " Karnik said.