The board of Satyam is likely to announce the details of the process of inviting strategic partners into the company by the end of this week,the Chairman of the board,Kiran Karnik,said.
“As per the CLB order we will approach SEBI and by the end of this week we expect to make the process public and after that we will invite proposals from the interested parties,” Karnik told PTI.
While the board did not announce the process at yesterday’s meeting,leading to possible suitors seeking details on this,Karnik said the process that “we have devised is first to get approval from the regulatory authority as per the direction of the CLB. We expect to get approval this week and make it public at the same time”.
Karnik did not divulge whether the board has decided in favour of inducting a strategic minority partner or selling 51 per cent of the company’s equity.
However,sources said the board has not favoured a 51 per cent stake sale of the company. “Whether it is minority or majority sale the company needs strong management and a strong buyer who can bring in leadership and funds,” a source said.