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Satyam acquisition bids in 3 weeks

Satyam Computer Services is likely to complete bidding process to rope in a strategic investor in the next three weeks and complete restatement of accounts by March-end, a top source said.

india Updated: Feb 25, 2009 01:15 IST

Satyam Computer Services is likely to complete bidding process to rope in a strategic investor in the next three weeks and complete restatement of accounts by March-end, a top source said.

“In the next three weeks, we will have a very clear picture about the strategic investor. We expect to conclude the bidding process in three weeks from now,” the source closely connected with the development told PTI here on Tuesday. Satyam’s next board meeting is to be held in Hyderabad on Thursday.

“Earlier we were expecting the process (restating of accounts) to be completed in 8-9 weeks. The auditors are working day and night and we expect this task to be accomplished by March 31,” the source said.

The board, however, has not decided the quantum of stake to be divested to the strategic investor. This would be decided after evaluating the bidders on various parameters, the source said.

The board has received six-seven Expressions of Interest (EoIs) from a clutch of potential bidders that is believed to include biggies, such as the B.K. Modi-led Spice Communication, Hinduja Group and engineering major Larsen & Toubro.

“Once the board receives the bids, it is likely to take not more than a week to zero in on the successful bidder,” the source said.

Hinduja Group prefers 51% stake

The Hinduja Group said on Tuesday that it would prefer taking 51 per cent in the IT major. “It will be preferred if somebody can get 51 per cent. Suppose the open offer does not come to 20 per cent then it will be less than 51 per cent.