“This indicates the seriousness of Tech Mahindra"s bid for Satyam," a company source said.
However, the officials at Tech Mahindra are worried over Satyam's client loss that has happened over the past few months. Another concern is that of the liabilities the company has to face due to US class-action suits, the unresolved Upaid case, and unclear client and employee details.
The analysts say that Tech Mahindra taking over Satyam is a good diversification move.
Apart from Tech Mahindra, Larsen and Tourbo (L&T), Cognizant Technology Solutions (CTS), US-based private equity firm WL Ross & Co are still in the race. The government appointed Satyam board will meet informally on Friday, Apr 10. The last day for submitting financial bids is Monday, Apr 13 and the outcome would be declared on the same day.