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India Satyam may announce buyer on April 13 -paper
Posted on: 05-04-2009 , 04:: | DY365 Bureau

Thedeadline 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. [nBOM394892].

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

 
 

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