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Source: media reports

Satyam sale expected by mid-April: source

Satyam sale expected by mid-April: source
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First Published: Thu, Apr 02 2009. 01 54 PM IST
Updated: Thu, Apr 02 2009. 01 54 PM IST
Bangalore: Financial bids for Satyam Computer will be put in by next week, three banking sources involved in the deal said on Thursday, and the sale of the fraud-hit Indian outsourcer is likely to be completed by mid-April, another source with knowledge of the proceedings said.
“By 9 April we have to put in the final and financial bids,” one banker directly involved in the deal told Reuters.
The company’s government-appointed board had said last month it hoped to finalise a buyer by 30 April.
“It is expected to be completed much earlier than that,” said another source, who is not allowed to speak to the media about the bidding process. “It should be completed in the next couple of weeks.”
Indian engineering conglomerate Larsen and Toubro and mid-sized outsourcer Tech Mahindra are among the suitors, and local media have said US private equity WL Ross & Co was also in the race.
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First Published: Thu, Apr 02 2009. 01 54 PM IST
More Topics: Satyam | Computers | Fraud | Sale | L&T |