Satyam to invite bids in next few days: Karnik

The funding from the investor will lend further financial stability to Satyam,Karnik said.

Written by Agencies | Mumbai | Published:March 2, 2009 2:34 pm

The Satyam Computer Board plans to invite bids for a strategic investor in the next few days and expects to garner a healthy amount as investment into the company,company Chairman Kiran Karnik said on Monday.

“We plan to invite bids in the next few days (and) have worked out the modalities for that,which now needs SEBI approval,” Karnik said on Monday.

The funding from this investor will lend further financial stability to Satyam,Karnik said.

Satyam is likely to submit its proposal to market regulator Securities & Exchange Board of India (SEBI) very soon.

The SEBI Board is likely to give its clearance without many changes,given that Satyam is a “special case”,a senior official working with the regulator had said last week.

A few companies have already expressed their intent to invest in Satyam,prominent among them being Larsen & Toubro,the Hinduja group and the B K Modi-led Spice group.

Satyam’s overseas clients are watching the developments in the company very keenly and want to know at the earliest the identity of the strategic investor,Karnik said.

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