Satyam board discusses expressions of interest by bidders
13 Mar 2009, 1451 Hrs

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New Delhi, Mar 13 The Satyam board on Friday met to discuss the expressions of interest (EoIs) submitted by bidders, which includes one of its shareholders Larsen and Toubro, Tech Mahindra and Spice Corp.

On Thursday Satyam had closed registrations for potential bidders as it began a process to sell 51 per cent stake.

The board will make the financial and legal data available to those shortlisted companies who will qualify in the EoI criteria.

Under the process, the bidders will have to submit detailed EoIs, along with proof of availability of funds of at least 1,500 crore rupees by March 20, Satyam said in a statement.

On Monday, the company issued an expression of interest, according to which there is no floor price for the bidders.

Based on the submitted EoIs, eligible bidders would be short-listed and given access to certain business, financial and legal diligence material of the company provided they sign a non-disclosure and non-solicitation agreement with Satyam, the company stated.

The process of the stake sale will involve 31 percent fresh equity shares and 20 percent open offer. (ANI)

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