Distressed asset investor WL Ross & Co has picked up 1.84 million ADRs of Satyam (now rechristened as Mahindra Satyam) from the NYSE Euronext for Rs 22.4 crore or $4.6 million at an average price of $2.5 a share, according to a disclosure to SEC by WL Ross's parent firm Invesco.

The quantum of shares acquired is not large as the shares represent 1.4% of the total ADRs and just 0.33% of the total shares of Satyam. But the pricing is interesting as WL Ross has bought shares at roughly Rs 120/share.

This is six times what it had bid (Rs 20 per share) during the actual auction for Satyam early this year. However it was easily outbid by Tech Mahindra who offered Rs 58 per share, eventually winning control of the company.

Satyam Shares have also shot up since the time the auction process started and Tech Mahindra won the bid. The shares closed at Rs 113 at BSE on Friday, valuing the firm at Rs 11,000 crore or $2.3 billion.

WL Ross had earlier thrown its hat in the ring for acquiring a controlling stake in Satyam in partnership with the Nasdaq-listed Cognizant Technology Solutions. However, Cognizant dropped out of the race and WL Ross did not pursue the deal to fight Tech Mahindra.

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