Satyam board meets to assess biddersBy ANI
Friday, March 20, 2009
HYDERABAD - The Satyam board met on Friday to assess the proposals of the bidders for acquiring up to 51% stake in the embattled IT company, and discuss several other issues.
The Government-appointed company board has received several expressions of interest, including those from engineering major Larsen and Toubro, B K Modi-led Spice Group, software firm Tech Mahindra and iGate, a company official said after the meeting.
The winning bidder can acquire up to 31% stake in the company.
On successful completion of the process, the partner can purchase additional 20% through an open offer.
Earlier, IT firm Satyam Computers had said in a filing to the Bombay Stock Exchange that it has allotted 10,511 equity shares under its stock option plans. (ANI)