Neither hiked stake nor talked to Satyam on acquisition: L&T
Engineering major Larsen & Toubro today said that it has neither increased its stake in Satyam beyond 12 per cent, nor has it expressed intention to the company's board for acquisition.
By PTI |
MUMBAI: Engineering major Larsen & Toubro today said that it has neither increased its stake in Satyam beyond 12 per cent, nor has it expressed intention to the company's board for acquisition.
"We have not increased our stake in Satyam beyond 12 per cent, nor we have expressed our intention to the Satyam Board to acquire the company," L&T's Chief Financial Officer Y M Deosthalee told PTI here.
The company has not appointed any investment banker to guide it on the Satyam acquisition, Deosthalee said.
"We have not appointed any investment banker," he said, adding that the company would wait for decisions from market regulator Sebi and Satyam Board.
The Government-appointed Board of Satyam Computer has received 6-7 Expressions of Interest (EoIs) from leading domestic and international players.
First to initiate the race of increasing stake in Satyam, L&T trebled its equity to 12.04 per cent after the Satyam scandal came to light.
L&T described the move to up stake in Satyam as a measure to protect its interest and bring down the cost of investments in Satyam.
Apart from L&T, the Mahindra & Mahindra Group, the Hindujas, i-Gate and Spice Communications, among others, are said to be interested in acquiring Satyam.
However, Tata group company TCS today said that it was not in the race to acquire Satyam.
"We have not increased our stake in Satyam beyond 12 per cent, nor we have expressed our intention to the Satyam Board to acquire the company," L&T's Chief Financial Officer Y M Deosthalee told PTI here.
The company has not appointed any investment banker to guide it on the Satyam acquisition, Deosthalee said.
"We have not appointed any investment banker," he said, adding that the company would wait for decisions from market regulator Sebi and Satyam Board.
The Government-appointed Board of Satyam Computer has received 6-7 Expressions of Interest (EoIs) from leading domestic and international players.
First to initiate the race of increasing stake in Satyam, L&T trebled its equity to 12.04 per cent after the Satyam scandal came to light.
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L&T described the move to up stake in Satyam as a measure to protect its interest and bring down the cost of investments in Satyam.
Apart from L&T, the Mahindra & Mahindra Group, the Hindujas, i-Gate and Spice Communications, among others, are said to be interested in acquiring Satyam.
However, Tata group company TCS today said that it was not in the race to acquire Satyam.
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