Satyam Gets Approval To Sell 51% Stake

06 March, 2009

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.


Leave Your Comment
Satyam Launches Sale Process; L&T, Spice May Participate

Satyam Launches Sale Process; L&T, Spice May Participate

Reuters 8 years ago
Satyam Computer Services Ltd kicked off a bidding process on Monday to sell a majority stake in itself and two potential suitors quickly confirmed they...
Tech Mahindra Open Offer For Satyam Opens June 12

Tech Mahindra Open Offer For Satyam Opens June 12

Reuters 8 years ago
Tech Mahindra said on Wednesday its open offer to buy up to 20 percent of fraud-hit Satyam Computer Services will open on June 12 and...
Govt may relax takeover rules for Satyam - reports

Govt may relax takeover rules for Satyam – reports

Reuters 9 years ago
MUMBAI (Reuters) – India’s market regulator will consider relaxing takeover rules for an open offer in Satyam Computer Services to help the fraud-scarred outsourcer attract...
No Comments

Satyam Gets Approval To Sell 51% Stake

Powered by WordPress.com VIP