Sebi has given the approval for the sale of fraud affected Satyam by accepting a plan which has been submitted by the board of the company. The offer made is that 51% stake will be given to a strategic investor through a combination of open offer and auction.
Satyam board member, Mr.Deepak Parekh said that the bidding will begin very soon. According to sources, the “request for proposals” will be available by next week.
Most of the companies interested in acquiring Satyam are, of course, a bit cautious about the company’s financial position. They are seeking more information about it. After such details are available, they would prefer to take a decision.
The stake sale plan approved by Sebi favors preferential allotment of about 31 % stake to the bidder who wins in the global competitive process of bidding. The winner will also acquire another additional 20% stake from the market through the open offer provided at the same price as paid for preferential allotment.