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Satyam board to meet tomorrow

business Updated: Apr 08, 2009 21:47 IST

PTI
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Satyam Computer board members will meet in Mumbai on Wednesday to review the progress in the process for selling majority stake in the company.

“The board is meeting here tomorrow informally. This will be to take an update of the bidding process and continue the evaluation of bidders,” a source close to the development told PTI here today.

The board is understood to have completed due diligence on interested parties, who have evinced interest in the troubled IT major.

A decision on the winner is expected to be announced on April 13.

The potential bidders include engineering major, Larsen and Toubro, Tech Mahindra and private equity firm W L Ross, amongst others.

L&T, which owns a 12.04 per cent stake in Satyam, is being considered as the front-runner in the race to buy the company.

The winning bidder can acquire an up to 31 per cent stake in the company and an additional 20 per cent through an open offer.

Though Satyam had fixed the deadline of April 9 to submit bids, it later extended the date to April 13 as the bidders requested more time for evaluation.