In a very important development with regards to the beleaguered firm Satyam Computers, Tech Mahindra has decided not to increase the open offer price. Tech Mahindra has acquired 31% stake in Satyam when bids were open for its sale. In case if there is some inadequate response, then Tech Mahindra will raise its holding through preferential equity.

This is basically due to the fast surge in Satyam stock prices in the last three trading sessions when the Satyam stock was freezed at 10% upper circuit. So a whooping gain of 30% in three trading sessions straight. This surge came after Satyam announced its Q3 2009 results where it made some profits.

Meanwhile Tech Mahindra has said that there will be no retrenchment of Satyam Employees. Close to an estimated 10,000 of its strength who are currently in bench( no productive work) will be put in a separate pool and these employees will be paid only the basic salary, medical insurance and the provident fund. Later on if things improve, then they will be considered for full time roles.

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