Satyam starts procedure to sell 51 percent stake

March 9th, 2009 - 1:04 pm ICT by ANI  

Mumbai, 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)

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