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This is an archive article published on March 20, 2009

L038;T likely to submit EoI for Satyam today

Lamp;T is likely to submit its EoI formally for acquiring a majority stake in Satyam by Friday evening.

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Engineering major Lamp;T is likely to submit its expression of interest EoI formally for acquiring a majority stake in Satyam Computer Services by the evening on Friday.

A company spokesperson said 8220;we expect to put in our EoI by the evening8221;.

Lamp;T is the single-largest stakeholder in Satyam. The Satyam board,along with investment advisors Goldman Sachs and Avendus,will be evaluating bids from potential acquirers over Friday and Saturday,as the company seeks to complete the sale process by April 30.

All the potential suitors that have registered for Satyam have been sent a request for proposal RFP by the IT firm8217;s board and are expected to submit an EoI by Friday. The RFP states that any bidder must show proof of Rs 1,500 crore as cash balance when submitting the EoI.

The two main Indian bidders 8212; Lamp;T and the Spice Group 8212; have the required money to bid.

Potential bidders such as Tech Mahindra,Lamp;T,Spice and iGate,apart from other companies including IBM,are expected to decide their bids based on whatever information is provided to them after the board meeting on Friday.

 

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