Satyam Computer Services will get a new owner on April 13, as on this day the financial bid would be opened at 9 am and the winner will also be announced on the same day, informed Deepak Parekh, board member and HDFC Chairman.
This decision of Satyam board will provide four more days for the suitors to file their financial bids. Earlier, the final day of bidding was on April 09. Till date, six bidders have showed interests in acquiring the beleaguered IT firm.
Engineering giant Larsen & Toubro, IT service firm Tech Mahindra and billionaire investor Wilbur Ross are in the race to buy the scandal hit firm.
Bidders have been informed about the revenue streams, order book position, current assets and liabilities and fixed assets of Satyam to help them in analyzing the bidding price tag on the firm while the additional information will be given today, said Parekh.
Earlier on Friday, to obtain a clear picture about the bidding process, the officials of the bidders met Board of Directors of Satyam. Assuring to provide detail information to suitors, Satyam Chaiman Kiran Karnik said that due diligence process was still on and the company was hopeful of releasing the details of the bidding process in the next few days.
The Chief Executive officer of Satyam A S Murthy, Chief Financial Officer of L&T Y M Deosthalee and President of Tech Mahindra (international business) C. P. Gurnani were present at the meeting along with the board members on Friday.
Satyam plunged into crisis on January 05 this year when its founder and Chairman B Ramalinga Raju accepted to inflate the balance sheet of the company. Thereafter, the then forth largest IT firm began losing its share values amidst the uncovering of the Rs 7,800-crore scandal.
In a bit to salvage the firm, the government set up a new board and appointed top executives from different companies to strengthen enough the company to carry on its smooth operation. In this development, now the organised board has decided to sale 51% stake of the besieged IT firm to restore investor confidence.
Satyam’s disgraced Chairman Raju, his brother Rama Raju and Sriniwas Vadlamani, the Chief Finance Officer are behind the bar with corruption charges under several acts.
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