Satyam starts procedure to sell 51 percent stake
March 9th, 2009 - 1:04 pm ICT by ANIMumbai, Mar. 9 (ANI): Satyam Computer Services has begun the procedure of selecting an investor by inviting expressions of interest from bidders. SEBI has recently authorized Satyam to sell up to 51 percent stake. Under the process that started on Monday, the bidders will have to submit detailed EoIs, along with proof of availability of funds of at least 1,500 crore rupees by March 20, Satyam said in a statement. On Monday, the company issued an expression of interest, according to which there is no floor price for the bidders. The interested investor may register with the company by March 12. Based on the submitted EoIs, eligible bidders would be short-listed and given access to certain business, financial and legal diligence material of the company provided they sign a non-disclosure and non-solicitation agreement with Satyam, the company stated. The process of the stake sale will involve 31 percent fresh equity shares and 20 percent open offer. (ANI)
- Satyam board discusses expressions of interest by bidders - Mar 13, 2009
- Satyam allots 10,511 equity shares under stock option plans - Mar 17, 2009
- Satyam starts bidding process for its sale - Mar 09, 2009
- Satyam alerts prospective strategic investors on stake sale (Lead) - Mar 09, 2009
- Mahindra, L&T among contenders for Satyam (Roundup) - Mar 12, 2009
- Bharucha to guide Satyam board on strategic investor - Mar 13, 2009
- Satyam has Rs.373 crore bank balance (Lead) - Jun 09, 2009
- Villagers oppose golf course project in Goa - May 02, 2011
- Government seeks asset valuer to sell Tyre Corporation of India - Apr 20, 2012
- Satyam informs market regulator on bidding process - Mar 25, 2009
- Britney's dancers 'banned from exposing singer to alcohol and drugs' - Mar 20, 2011
- CII lauds capital markets reforms - Aug 31, 2011
- Golf soon on Goa tourism menu - Apr 30, 2011
- Tech Mahindra gets control of Satyam Computer Services (Lead) - Apr 13, 2009
- Tech Mahindra gets Company Law Board nod for Satyam buy (Lead) - Apr 16, 2009
Tags: bidders, crore rupees, diligence, disclosure, expression of interest, expressions of interest, interested investor, non solicitation agreement, percent stake, proof, satyam computer services, solicitation