Mah Satyam ups Upaid out-of-court offer to $40m

Mahindra Satyam has increased its out-of-court settlement offer to Upaid by four times to USD 40 million, sources told CNBC-TV18’s Kritika Saxena. Upaid had rejected the earlier USD 10 million offer. The settlement is on high priority for Mahindra Satyam but Upaid may not be satisfied with the new offer.
According to sources Mahindra Satyam is looking aggressively to increase the out-of-court settlement offer that they have made for Upaid. They have increased the offer from USD 10 million to USD 40 million which is four times the earlier offer. There has been a separate team set aside in order to decide what is the exact out-of-court settlement that they would be making in fact they are pitching aggressively for this offer.
Upaid not happy?
Meanwhile, Upaid is still not happy with this amount of USD 40 million. When we contracted the company -- they clearly stated that while they could not give us specific and detailed explanation as to the out of court settlement. They were clearly not happy and this amount is not acceptable to Upaid while Mahindra-Satyam do not offer us a comment on that and said that this was speculative and they could not talk about this specific out of court settlement.

Backdrop to Upaid-Mah Satyam row:

Upaid is seeking about USD 1 billion by way of damages on account of alleged fraud and forgery by the company. So yes Mahindra Satyam is definitely working hard to woo Upaid but we will have more on this later on

Tech Mahindra signs multimillion dollar deal

Tech Mahindra has declared its Q2FY10 results. Its net profit went up 28.71% to Rs 169 crore versus Rs 131.3 crore and revenues up 2.6% to Rs 1,141.8 crore versus Rs 1,113 crore, QoQ.
Quarterly numbers were in line to mildly positive. CNBC-TV18 expected net revenues at Rs Rs 1,101.4 crore and net profit at Rs 142.9 crore. EBIDTA (earning before interest, depreciation, tax and amortisation) increased to Rs 292.5 crore from Rs 280.5 crore. Margins improved to 25.6% versus 25.2%.

Its net profit went up 28.71% to Rs 169 crore versus Rs 131.3 crore (QoQ).

Its revenues were up 2.6% to Rs 1,141.8 crore versus Rs 1,113 crore (QoQ).

It did not see a significant decrease in business from British Telecom (BT), its major client and also a stakeholder.

Company's current pound to dollar hedging at £ 290 mn @ $1.8

Merger With Mahindra Satyam is another 8 To 12 months away.

It saw growth in emerging markets.

The Company has a debt of Rs. 2,179 crores as of 30th September, 2009.

During the quarter the company refinanced Rs 1,150 crores of debt reducing the effective interest rate on the debt portfolio to 8.7% per annum.

The company derived 28.4%, 60.9% and 10.7% of its revenues from the US, Europe and Rest of the World respectively.

It has signed a multimillion dollar deal with one of the Greenfield Operators in India for providing end to end IT outsourcing for its green field launch.

The company has signed a deal with a GSM operator in Africa for E2E implementation of Siebel CRM system.

It has signed a BPO deal with one of the leading telecom service providers in India providing CDMA, GSM and DTH services.