Tech Mahindra was not really a favourite even though it emerged as a winner for the troubled IT services firm Satyam Computer Services. Who all lost out? Larsen & Toubro (L&T), which was in the race till the last moment, lost out on the Satyam opportunity along with private equity fund Wilbur Ross & Co.

L&T's Rs 45.9 per share bid stood behind Tech Mahindra's Rs 58 per share bid, but was much higher than Rs 20 per share bid put in by Wilbur Ross. A number of other potential bidders also took a shot at Satyam, but they pulled out at various points in the race.

The Satyam acquisition was looked at as an opportunity by mid-tier IT and outsourcing firms as a deal that could take them to the next level. And the deal may just do that for Tech Mahindra, which is expected to add around $800 million-$1 billion in annualised revenues with the acquisition. Many aspirants like Cognizant, Spice Group, iGate Corporation and Hinduja Group were bidders initially in the race for Satyam.

The biggest loser from the Satyam race may just be the engineering major L&T. In a bid to snap up the fraud hit IT firm, L&T had picked up about 9% stake in Satyam from open markets. It holds a total of 12% stake.

Now that they have lost, what does L&T plan to do? The company will hold onto its current 12 per cent stake in the software company, CFO YM Deosthale told a TV channel. It cannot sell a two-third of its 12% stake in Satyam in open offer as it has a standstill agreement with the board.

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