July 30, 2010  Print Email | Satyam board meets as bid deadline approaches
Bidders to submit detailed expression of interest today
Posted by Agencies at 09:43 AM GMT on Mar 20, 2009 | BANGALORE (Reuters): The board of Satyam Computer Services is meeting today as the deadline approaches for bidders to submit their expressions of interest in acquiring a majority stake in the fraud-hit Indian outsourcer.
Potential bidders must submit a detailed expression of interest and have available at least Rs 15 billion rupees ($300 million) by 5 pm.
 A Satyam spokeswoman declined to comment on the agenda of the board meeting, but analysts said the board was likely to review the details of potential buyers.
Indian engineering firm Larsen & Toubro, IT services firm Tech Mahindra, diversified Spice Group and US outsourcer Igate all said they had registered as potential bidders.
Spice Group chairman BK Modi told Reuters the company would submit its expression of interest by this afternoon, and a Larsen spokesman said the company was also expected to do so later in the day.
Officials at Igate and Tech Mahindra could not be immediately reached.
New York-listed Satyam has been struggling since founder and chairman Ramalinga Raju shocked investors in January, saying profits had been overstated for years and assets falsified in what has become India's biggest corporate scandal.
The new government-appointed board is keen to bring in an investor to restore confidence among its roughly 50,000-strong staff and more than 600 customers, which include General Electric and Qantas Airways.
Satyam said last week Indian and foreign firms, including private equity companies, had registered to bid for a 51 per cent stake but gave no details of names or number.
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