India Satyam may announce buyer on April 13 - paper

Fraud-hit software co extends deadline for submitting financial bids from Apr 9.

  • E-Mail
By  V. Ramakrishnan Published  April 5, 2009

India's Satyam Computer Services Ltd could announce the buyer of the fraud-hit sofware company on April 13, the deadline for submitting financial bids, the Business Standard newspaper said on Sunday.

"The submission of bids will happen on April 13. The bids will be opened that day itself and we might be able to announce the winning bid as well," Satyam's chairman, Kiran Karnik, said.

"It is technically possible to manage all this in one day as a lot will depend on how many bids actually come in," he told the paper.

On Saturday, Satyam extended the deadline for submitting financial bids to April 13 from April 9 as bidders sought more data.

The outsourcer, reeling since its founder and chairman quit this year after unveiling an accounting fraud, is trying to find a buyer to take a 51 percent stake through a bidding process.

On Thursday, Satyam said it had tweaked the bidding process to introduce a second-round open auction to find a new owner if necessary.

Under the process, if there were bids that were at least 90 percent of the highest offer, then there would be an open auction among those bidders, with the highest bid set as the floor price.

Indian engineering conglomerate Larsen & Toubro and mid-sized outsourcer Tech Mahindra are among the suitors, with local media reporting US private equity investor W L Ross & Co was also in the race. (Reuters)

Add a Comment

Your display name This field is mandatory

Your e-mail address This field is mandatory (Your e-mail address won't be published)

Security code