Satyam Computer Services may complete the stake sale in the next one or two months, the company's board chairman Kiran Karnik said on Friday, which was the deadline for submitting the Expressions of Interest (EoIs) along with a proof of cash availability of Rs 1,500 crore.
Satyam Computer Services has also said that it will shortlist the bidders for the acquiring a majority stake in it by March 25. According to CNBC TV-18, Satyam board is unlikely to shortlist more than five companies.
The channel also reports that the investment bankers have presented the interested companies’ bidding capabilities to the Satyam board. The bidding capabilities of the companies will be assessed on two main parameters, their long term financial capabilities and their IT capabilities. The investment bankers have also presented the technological capabilities of the non IT suitors to the board.
The Economic Times reports that at least eight serious suitors have submitted expressions of interest (EoI). However till now only three suitors have conformed submitting the EoI. Tech Mahindra, Spice Corp and Larsen and Toubro (L&T) are only three firms that have confirmed submitting EoIs.
Satyam’s government appointed board has said that it may sell as much as 51% stake in the beleaguered company. All the registered bidders have been sent the requests for proposals (RFP). After receiving the proposals, the company board will make the financial data and other relevant details about the company available.
Satyam Board is meeting in Hyderabad for two days to decide on the short listing of the bids. The short listed bidders will be given financial and legal data to submit the final EoIs.