Final bidding for 31 percent Satyam stake today

April 13th, 2009 - 12:58 pm ICT by ANI  

Mumbai, Apr. 13 (ANI): The government-appointed Satyam Board on Monday will conduct the final bidding for the sale of 31 percent stake of the embattled IT company.

“We have entered the final stage of the bidding process, and on Monday we will conduct the financial bidding in Mumbai to find the highest bidder for a 31 percent stake in Satyam Computer,” Satyam Board Chairman Kiran Karnik said.

The interested bidders submitted their bids by 9 am on Monday, after which the technical evaluation is being held.

Opening of the financial bids is expected to follow soon.

Larsen and Toubro is being considered to be the front-runner in the race.

“We won’t comment on anything,” L&T’s Director and Chief Financial Officer Y M Deosthalee said after company’s board meeting.

Tech Mahindra is also likely to be aspirant.

According to sources, Mahindra’s board has not taken any decision to pull out of the race so far.

Asked if there was any board meeting on Sunday to discuss participation and the bid price, a source said: “In such a big step, the company doesn’t wait till the eleventh hour to take a call. Whatever has to be decided, has already been decided.” (ANI)

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