Hyderabad: Kicking off the formal process for inducting a strategic investor, the Satyam board on Saturday approved the procedure to invite offers from likely suitors.
The board also gave its nod for seeking the regulatory approval early next week to induct a strategic investor.
The decisions follow the approval from the Company Law Board on Thursday in this regard.
It has also recommended the removal of statutory auditor Price Waterhouse and is looking for a new auditor.
The board decision on Saturday will pave the wave for prospective suitors to put forward their expression of interest for strategic stake in Satyam.
B.K. Modi-promoted Spice Group, Hinduja Group and Larsen&Toubro are the likely suitors.
A company statement after the board meeting said Satyam has received new orders worth $250 million in the last seven weeks.
Board member T.N. Manoharan said the company is receiving offers from banks for funding of the company. The board also authorised company CEO A.S. Murthy to implement staff retention plans.