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Tech Mahindra likely to bid for Satyam

Tech Mahindra likely to bid for Satyam
PTI
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First Published: Sun, Apr 12 2009. 07 05 PM IST
Updated: Sun, Apr 12 2009. 07 05 PM IST
New Delhi: Tech Mahindra is likely to bid for the 31% stake in the scam-hit IT firm Satyam Computer, which has invited financial bids by Monday to sell majority stake.
According to sources, “nothing has happened to take any decision to the contrary (not to bid)”.
Asked about if there was any board meeting on Sunday to discuss the participation and the bid price, the source said, “In such (a) big step the company doesn’t wait till the eleventh hour to take a call... whatever has to be decided has already been decided as far as going for the bid and the pricing is concerned”.
When contacted a company spokesperson said, “We would not be able to comment till the bidding process is over and moreover the company is in a quiet period for its upcoming Q4 results.”
The stake sale process of Satyam Computer will reach the final stage on Monday, with the government-appointed board set to conduct financial bidding to select the highest bidder.
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First Published: Sun, Apr 12 2009. 07 05 PM IST
More Topics: Satyam | Tech Mahindra | Bidding | Scam | IT |