SEBI approves Satyam sale
SEBI, the market regulator, has granted approval for the sale of 51 percent stake of the scam-hit Satyam Computer Services through a global bidding process, informed Satyam officials on Friday.
The two-phased sale process, a chosen investor will acquire newly issued equity shares representing 31 percent of Satyam’s share capital and then make a mandatory minimum public offer to buy a further 20 percent stake, said Satyam in a statement.
Satyam wants to bring in a strategic investor to restore the confidence of its nearly 50,000 employees and over 600 customers, which include global giants like General Electric, Cisco and Qantas.
New York-listed Satyam is struggling for survival since January, when its founder and chairman Ramalinga Raju came clean on a mammoth fraud which included overstatement of profits and falsification of assets.
