NEW DELHI, India (CNN) -- India's Satyam Computer Services Monday selected the highest bidder to buy a majority share in the scandal-hit company, an official said.
Venturbay Consultants, a subsidiary of Tech Mahindra, won the bid. It is subject to approval by a board appointed by the government, according to Satyam. For an initial 31 percent stake, the buyer is paying $351 million.
"The selection of the highest bidder, in a fair, open and transparent process, signals a new stage for the company in its progress towards stabilization and growth," Chairman Kiran Karnik said in a statement.
"This event ought to dispel the anxiety of all stakeholders as it repositions the company's commitment to revival and good governance," Karnik added.
The Hyderabad-based company is at the center of a massive corporate fraud case. Its stock plummeted after then-chairman B. Ramalinga Raju confessed in January to padding company balance sheets. Raju, his brother -- a former managing director -- and Satyam's chief financial officer face numerous charges, including criminal conspiracy.
Bidders were required to show proof of at least $290 million in funds in the attempt to pick up a 51 percent stake. The deadline to submit bids was March 20.
Satyam is India's fourth-largest software-services provider. It serves almost 700 companies, including 185 Fortune 500 companies, and generates more than half its revenue from the United States. It employs about 53,000 people and operates in 65 countries.
-- CNN's Harmeet Shah Singh contributed to this report.