IBM, Texas Pacific Group, KKR, i-Gate submit EoI for Satyam
All the shortlisted players will be given access to financial, business, and legal diligence materials relating to the Satyam.
By Sonali Krishna & N Shivapriya, ET Bureau |
MUMBAI: A law firm representing IBM, private equity firms Texas Pacific Group and KKR (Kohlberg Kravis and Roberts) as well as Fidelity Investments have expressed their interest bidding for Satyam Computer Services, said a source privy to the developments.
US based IT firm i-Gate, led by former Infosys Executive Phaneesh Murthy, has also bid for Satyam. But the firm has attached a rider saying that it would withdraw its Expression of Interest (EOI) if it is not satisfied with the financial information provided by Satyam.
The standalone PE players could opt to rope in a strategic investor -- either an IT player or any other strategic investor-- before March 20, the deadline for submission of proof of funds and a more detailed EOI, to be eligible for the bidding process. All the shortlisted players will be given access to financial, business, and legal diligence materials relating to the Satyam.
Satyam has been in trouble after its defamed founder B Ramalinga Raju admitted to perpetrating a Rs 7,000 crore financial fraud.
US based IT firm i-Gate, led by former Infosys Executive Phaneesh Murthy, has also bid for Satyam. But the firm has attached a rider saying that it would withdraw its Expression of Interest (EOI) if it is not satisfied with the financial information provided by Satyam.
The standalone PE players could opt to rope in a strategic investor -- either an IT player or any other strategic investor-- before March 20, the deadline for submission of proof of funds and a more detailed EOI, to be eligible for the bidding process. All the shortlisted players will be given access to financial, business, and legal diligence materials relating to the Satyam.
Satyam has been in trouble after its defamed founder B Ramalinga Raju admitted to perpetrating a Rs 7,000 crore financial fraud.
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