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Rediff.com  » Business » Satyam board to open bids on Apr 13

Satyam board to open bids on Apr 13

April 09, 2009 20:05 IST
Satyam Computer moved a step closer towards finalising bids for selling a majority stake in the trouble-torn IT company with the board meeting investment bankers on Thursday.

As already announced, the Board is scheduled to open the bids on Monday and the winner is expected to be announced thereafter.

"The bids will be seen on Monday," Satyam board chairman Kiran Karnik told reporters here after the meeting.

Amongst those understood to be in the race for the fraud-hit IT company are engineering major Larsen & Toubro, software company Tech Mahindra and private equity firm W L Ross.

Interested parties can acquire an up to 31 per cent stake in the company and an additional 20 per cent through an open offer.

The Board had earlier set April 9 as the deadline to submit bids but later extended it to April 13 as bidders wanted more information.

L&T already owns a 12.04 per cent in Satyam and is being considered as the front-runner in the race.

Board member Deepak Parekh on Wednesday said that the board would examine the technical bids first and then open the financial bids.

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