Enough response from Indian, global bidders: Satyam
Satyam Computer today said that it has received adequate response from both Indian and global firms, including private equity companies, to acquire majority stake in the IT company.business Updated: Mar 13, 2009 20:05 IST
Satyam Computer on Friday said that it has received adequate response from both Indian and global firms, including private equity companies, to acquire majority stake in the IT company.
The board of the fraud-hit company met here to scrutinise the initial expressions of interest. It has taken steps to release the request for proposal to all registered bidders that include engineering giant L&T, BK Modi-promoted Spice Corp, Tech Mahindra and iGate, among others.
"Bidders who have submitted compliant EoIs and executed certain pre-transaction documents, will have access to data and information regarding the company to enable them submit technical and financial bids," said a statement from Satyam.
Under the procedure finalised by the board, EoIs from interested bidders along with proof of funds of Rs 1,500 crore is expected to be received March 20, 2009.
The company has also engaged former Chief Justice of India S P Bharucha to oversee the bidding process to ensure that transparency was maintained at every step.
Satyam share was, however, down 3.6 per cent at Rs 45.50 at close on the Bombay Stock Exchange. At today's price, Satyam is valued at over Rs 3,066 crore, a fraction of over Rs 35,222 crore when the scrip was trading at an average of Rs 523.75 on the bourses in May last year.