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Satyam Board members to meet tomorrow
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Satyam Board members to meet tomorrow
MUMBAI: Board members of Satyam Computer will meet here on Thursday to take forward the process of selling 51 per cent stake in the company
through bidding.
"The Board is meeting here informally tomorrow. 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 an interest in the 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 to buy the company. The winning bidder can acquire an upto 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.
Satyam`s Board members and its recently-appointed Chief Excecutive Officer, A S Murty, had met the bidders in Mumbai last week as a part of the due diligence process.
Given that the restatement of Satyam`s falsified accounts could be delayed by a few more months, the Board is understood to have agreed to provide 2-4 months of financial and client details to the bidders.
The Hyderabad-based company plunged into a crisis and its shares plummetted after Satyam`s founder, B Ramalinga Raju, confessed to cooking up its balance-sheet for several years by inflating profit numbers and hiding liabilities.
The Government scrapped the old Board and reconstituted it with experts including HDFC Chairman, Deepak Parekh, former Nasscom Chief, Kiran Karnik and former Sebi member, C Achuthan.
Source:
http://economictimes.indiatimes.com/Infotech/Satyam-board-to-meet-on-Thursday/ar
through bidding.
"The Board is meeting here informally tomorrow. 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 an interest in the 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 to buy the company. The winning bidder can acquire an upto 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.
Satyam`s Board members and its recently-appointed Chief Excecutive Officer, A S Murty, had met the bidders in Mumbai last week as a part of the due diligence process.
Given that the restatement of Satyam`s falsified accounts could be delayed by a few more months, the Board is understood to have agreed to provide 2-4 months of financial and client details to the bidders.
The Hyderabad-based company plunged into a crisis and its shares plummetted after Satyam`s founder, B Ramalinga Raju, confessed to cooking up its balance-sheet for several years by inflating profit numbers and hiding liabilities.
The Government scrapped the old Board and reconstituted it with experts including HDFC Chairman, Deepak Parekh, former Nasscom Chief, Kiran Karnik and former Sebi member, C Achuthan.
Source:
http://economictimes.indiatimes.com/Infotech/Satyam-board-to-meet-on-Thursday/ar
