Tech Mahindra, on Monday won the bid for India’s fourth largest software exporter Satyam Computer.

Satyam’s new board of directors, which met in Mumbai to select the highest bidder, chose Tech Mahindra following its bid of Rs1,757 crore ($351.4 million) for 31 per cent stake in the scam-tainted IT giant.

Tech Mahindra offered Rs.58 for each Satyam share as against the Rs. 49 bid by L&T. The face value of the share is Rs.2.00

The board will now have to inform the Company Law Board (CLB) of its selection. The CLB will will announce its approval, within a week. The new owner will take over the management only after CLB’s nod.

Larsen and Toubro (L&T) and private-equity firm WL Ross were among the other major contenders for the Hyderabad-headquartered Satyam. L&T already holds 12.04 per cent stake in Satyam.

The six-member Satyam board is headed by Kiran Karnik, former president of the National Association of Software and Services Companies (NASSCOM) that represents the software industry. Other members of the board include HDFC chairman Deepak Parekh, former Securities and Exchange Board of India (SEBI) member C. Achuthan and Confederation of Indian Industry (CII) mentor Tarun Das.

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