Dy365 App Twitter Facebook YouTube
India Satyam may announce buyer on April 13 -paper
Posted on: 05-04-2009 , 04:: | DY365 Bureau

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. [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.


Click here to watch the Live Stream. | High - BB / Droid
Click here to watch Live Stream on iPhone / iPad / iTouch. High| Beta
Dy365 in TATA SKY   Dy365 in Airtel   Dy365 in Dish Tv   Dy365 in Videocon   Dy365 in Big TV   Dy365 in ACC
Channel No : 1953
Channel No : 643
Channel No : 1529
Channel No : 849
Channel No : 784
Channel No : 003
News Sections
Photo Gallery
© 2009-15 DY365, All rights reserved,
Privacy Policy,
Powered by Web.Com (India) Pvt. Ltd.