Satyam starts bidding process; L&T, Hindujas show interest

Mumbai, Mar 9 (PTI) Indian IT major Satyam Computer
Monday started the competitive bidding process for selling a
51 percent stake to an investor while Hinduja Group and
engineering major Larsen & Toubro reiterated their interest in
the company.

The company, which recently got Securities and Exchange
Board of India (SEBI) approval to sell up to 51 percent,
Monday issued an expression of interest, according to which
there is no floor price for the bidders and the interested
investor will have to register with the company by March 12.

The bidders will have to submit detailed EoIs, along with
proof of availabilty of funds of at least Rs 1,500 crore, by
March 20, Satyam said in a statement.

Engineering and construction firm Larsen & Toubro, the
largest single shareholder in the IT firm, said it will take a
decision on bidding for Satyam before March 12.

"We will take a decision based on the guidelines that
have been issued. We will decide before March 12," a company
spokesperson told PTI.

Spice Group Chairman B K Modi said his company will bid
for Satyam Computer, while conglomerate Hinduja Group said it
is looking at bidding for the troubled firm but yet to take a
decision.

"We are looking at that (bidding for Satyam) ... we have
to take a decision," Hinduja Group CFO Prabal Banerjee told
PTI.

Modi said Spice Corp will have no problem in submitting
cash proof of Rs 1,500 crore as the company has got enough
funds in the bank.

"It is a good start and we will bid before Thursday,"
Modi said.

Satyam said that based on the submitted EoIs, eligible
bidders will 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 process of stake sale involves 31 percent fresh
equity shares and 20 percent via open offer. PTI ANA
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