Satyam Computer Services Ltd. (fka SAYCY)

[joelegs]

A little news:

UPDATE: AT&T International Buys 8.07% Stake In Tech Mahindra For $34.6MLast update: 3/23/2010 11:36:24 AM(Adds AT&T, BT comments, shareholding details, share price.)

By Ameya Karve & Romit Guha
Of DOW JONES NEWSWIRES
MUMBAI (Dow Jones)--AT&T International Inc., a unit of U.S. telecommunications major AT&T Inc. (T), Tuesday bought an 8.07% stake, or about 9.9 million shares, in Indian software firm Tech Mahindra Ltd. (532755.BY) from Mahindra-BT Investment Co. (Mauritius) Ltd. for $34.6 million through an off-market deal. In an emailed response to queries from Dow Jones Newswires, AT&T said it was granted options over approximately 9.9 million shares of Tech Mahindra as per the terms of a 2005 agreement signed with the Indian company, formerly known as Mahindra British Telecom. AT&T decided to exercise the options as they had vested and the exercise date was approaching, it said. Tech Mahindra was listed on the Indian bourses in 2006. AT&T International Inc. is primarily a holding company for certain of AT&T's equity investments in non-U.S. companies. Tech Mahindra--a joint venture between Mahindra & Mahindra Ltd. (500520.BY), India's largest utility vehicle and tractor maker by sales, and U.K. telecommunications company BT Group PLC (BT)--provides technology outsourcing services to telecom companies, mainly in the Europe and U.S. Mahindra held 43.99%, BT owned 30.86% and Mahindra-BT Investment held 8.13% stake in Tech Mahindra as on Dec. 31, according to data on the Bombay Stock Exchange. Mahindra Overseas Investment Co. (Mauritius) Ltd., an arm of Mahindra & Mahindra, holds 57% in Mahindra-BT Investment Co. (Mauritius) Ltd., with the rest owned by BT Holdings, a unit of BT. U.S.-based AT&T declined to comment on any future investments in Tech Mahindra. A person familiar with the matter said that the price that AT&T International paid was "pre-decided" during the signing of the 2005 agreement. AT&T said it paid $3.5022 (INR159.70) for each of the about 9.9 million shares it bought. Tech Mahindra shares closed down 0.2% at INR910.20 on the Bombay Stock Exchange Tuesday, compared with a 0.23% gain on the benchmark Sensex. BT said: "India remains a critical market both for BT and our customers, and we expect to continue developing the operational network and service presence". -By Ameya Karve & Romit Guha, Dow Jones Newswires; [phone]; [e-mail] (Lilly Vitorovich in London contributed to this article.) (END) Dow Jones NewswiresMarch 23, 2010 11:36 ET (15:36 GMT)