Satyam Computer Board meets bidders
Satyam's board of directors met its bidders including Larsen & Toubro and Tech Mahindra here as part of the due diligence process to sell up to a 51 per cent stake in the beleaguered IT major.
By PTI |
MUMBAI: Satyam Computer's board of directors on Friday met its bidders including Larsen & Toubro and Tech Mahindra here as part of the due diligence process to sell up to a 51 per cent stake in the beleaguered IT major.
Satyam is yet to complete the due diligence process but is hopeful of a clear picture on bidding in the next few days, its Chairman Kiran Karnik told reporters here after the meeting.
Apart from the Board members, Satyam's Chief Executive Officer (CEO), A S Murthy, L&T's Chief Financial Officer Y M Deosthalee and Tech Mahindra's President (International Business) C P Gurnani were present in the meeting.
Karnik said the board had committed itself to stick to the timeframe to complete the bidding process.
"We had put out a time schedule. We will stick to that," Karnik said.
Satyam Board member Deepak Parekh said that an update on the bidding process is expected tomorrow.
Engineering major L&T, which holds a 12.04 per cent stake in Satyam, is being considered the front-runner in the deal while the Mahindra Group's IT arm, Tech Mahindra, and private equity firm, W L Ross, are also understood to be in the race.
Satyam is yet to complete the due diligence process but is hopeful of a clear picture on bidding in the next few days, its Chairman Kiran Karnik told reporters here after the meeting.
Apart from the Board members, Satyam's Chief Executive Officer (CEO), A S Murthy, L&T's Chief Financial Officer Y M Deosthalee and Tech Mahindra's President (International Business) C P Gurnani were present in the meeting.
Karnik said the board had committed itself to stick to the timeframe to complete the bidding process.
"We had put out a time schedule. We will stick to that," Karnik said.
Satyam Board member Deepak Parekh said that an update on the bidding process is expected tomorrow.
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Engineering major L&T, which holds a 12.04 per cent stake in Satyam, is being considered the front-runner in the deal while the Mahindra Group's IT arm, Tech Mahindra, and private equity firm, W L Ross, are also understood to be in the race.
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