Satyam sale likely before elections

02 April 2009

Satyam Computer Services will receive financial bids by next week and the sale of the fraud-hit IT service company is likely to be completed by the middle of this month, sources close to the developments said.

The government-appointed board of Satyam had last month said it hoped to finalise a buyer by 30 April. The sale is now likely to be realised much earlier, possibly before the elections start, sources said

Satyam has, meanwhile, filed copies of a SEBI letter along with a press release with the Bombay Stock Exchange and the National Stock Exchange. Satyam said these are also being filed with the US Securities and Exchange Commission (SEC), and are available to the public over the internet at the SEC's website.

Satyam Computer Services had earlier submitted a letter to the Securities and Exchange Board of India (SEBI) relating to a slight modification in the bidding process to be followed by the company to select an investor.

The Company Law Board (CLB) principal bench in New Delhi had authorised the board of Satyam Computer Services to select an investor, subject to certain conditions. 

This press release, however, said it is not an offer of securities for sale in the United States.