Hinduja Group for 51% stake in Satyam: CFO

Hinduja Group for 51% stake in Satyam: CFO
PTI
Comment E-mail Print Share
First Published: Tue, Feb 24 2009. 04 32 PM IST
Updated: Tue, Feb 24 2009. 04 32 PM IST
New Delhi: The Hinduja Group, one of the interested parties in acquiring a stake in Satyam Computer, on Tuesday said it would prefer taking 51% in the IT major.
“It will be preferred if somebody can get 51%. Suppose the open offer does not come to 20%, then it will be less than 51%. Also, till the time proper restated account is available or crystallisation of liability is happened, no bidder can really put a value on that company,” said Hinduja Group chief financial officer Prabal Banerjee.
Last week, the Satyam board approved the stake sale process as directed by the Company Law Board, or CLB, and said it would release the process of the sale after getting due approvals.
Earlier, another suitor Spice Group’s chairman B.K. Modi had said his company would be interested in Satyam only if the entire 51% stake is offered through the preferential route.
“The entire money should go into Satyam. The CLB has already laid down the broad framework of the process to be followed. They have also recognized that any strategic investor would like to have adequate equity shareholding, which would enable the investor to constitute its own board,” Modi said earlier.
Larsen and Toubro, the 12% stakeholder in Satyam has already said it needs to know the details of the stake sale process before commenting.
Comment E-mail Print Share
First Published: Tue, Feb 24 2009. 04 32 PM IST