Satyam to invite bids for investor in next few days: Karnik

Satyam to invite bids for investor in next few days: Karnik
PTI
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First Published: Mon, Mar 02 2009. 02 57 PM IST
Updated: Mon, Mar 02 2009. 02 57 PM IST
Mumbai: The Satyam Computer Board plans to invite bids for a strategic investor in the next few days and expects to garner a healthy amount as investment into the company, company Chairman Kiran Karnik said Monday.
“We plan to invite bids in the next few days and have worked out the modalities for that, which now needs Sebi approval,” Karnik told PTI here today.
The funding from this investor will lend further financial stability to Satyam, Karnik said.
Satyam is likely to submit its proposal to market regulator Securities & Exchange Board of India very soon.
The Sebi board is likely to give its clearance without many changes, given that Satyam is a “special case”, a senior official working with the regulator had said last week.
A few companies have already expressed their intent to invest in Satyam, prominent among them being Larsen & Toubro, the Hinduja group and the B K Modi-led Spice group.
Satyam’s overseas clients are watching the developments in the company very keenly and want to know at the earliest the identity of the strategic investor, Karnik said. “They are waiting to see who the new partner will be before taking any decision (on their continuing with the company),“ Karnik said, adding “the foreign clients have expressed satisfaction about the progress of the company (so far)”.
The IT giant was also confident that it can provide an idea about the estimated value of the company in terms of receivables, fixed income, orderbook and clientele, he said.
“The restatement of accounts may take a while. We may not be able to give audited accounts to bidders immediately. But we can give them an idea about some important parameters such as the order-book, current position of receiveables and clients,” Karnik added.
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First Published: Mon, Mar 02 2009. 02 57 PM IST