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Satyam board plans open auction for greater transparency.
Posted on: 03-04-2009 , 04:: | DY365 Bureau

In a move aimed at ensuring greater transparency, the government-appointed Satyam board has decided to have an open auction if there is a 10% difference in the price quoted by the highest bidder and others. The hight bit  however, would become the floor price for the open auction.

For instance, if the highest bidder makes a bid of Rs 50 per share, then, bidders who have bid between Rs 45 and Rs 49 will qualify for the open auction in the second round. The floor price for the open auction would be Rs 50 per share. It could help the highest bidder and also ensure more money  for the company.

An open auction was not considered in the initial terms and conditions where bidders were to enclose their financial bids in a sealed envelope. The change in rule will come into force only if one or more financial bids are at least 90% of the highest bid. Else, the highest bidder will be the new owner of the company.

Satyam has set April 9 as the deadline for submitting financial bids, after bidders qualify on technical grounds. Justice SP Bharucha, former Chief Justice of the Supreme Court, will open the financial bids, Satyam said in a letter to the US SEC and Sebi.

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