Fraud-hit Satyam Computer Services said it has received approval from SEBI to sell a 51 percent stake in the company in a global bidding process.
As part of the two-phased sale process, a chosen investor would acquire newly issued equity shares representing 31 percent of Satyam’s share capital and then make a mandatory minimum public offer to buy a further 20 percent stake, the company, which has been mired in India’s biggest corporate scandal, said in a statement.
Satyam has wanted to bring a strategic investor into the company to restore the confidence of its roughly 50,000 staff and more than 600 customers, including General Electric, Cisco and Qantas Airways.
New York-listed Satyam was left struggling for survival after its founder and chairman Ramalinga Raju quit in January, saying profits had been overstated for years and assets falsified.
Satyam’s potential suitors include India’s top engineering and construction firm Larsen & Toubro, Hinduja Group and Spice Group.