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Satyam to invite bids in next few days: Karnik
March 02, 2009 15:39 IST
The Satyam [Get Quote] Computer board plans to invite bids for a strategic investor in the next few days and expects to garner a healthy amount as investment, company chairman Kiran Karnik said on Monday.
"We plan to invite bids in the next few days (and) have worked out the modalities for that, which now needs Sebi (Securities and Exchange Board of India) approval," Karnik told PTI in Mumbai on Monday.
The funding from this investor will lend further financial stability to Satyam, Karnik said.
Satyam is likely to submit its proposal to market regulator Sebi very soon.
The Sebi Board is likely to give its clearance without many changes, given that Satyam is a "special case", a senior official working with the regulator had said last week.
A few companies have already expressed their intent to invest in Satyam, prominent among them being Larsen & Toubro, the Hinduja group and the B K Modi-led Spice group.
Satyam's overseas clients are watching the developments in the company very keenly and want to know at the earliest the identity of the strategic investor, Karnik said.
"They (clients) are waiting to see who the new partner will be before taking any decision (on their continuing with the company)," Karnik said, adding "the foreign clients have expressed satisfaction about the progress of the company (so far)".
The IT giant was also confident that it can provide an idea about the estimated value of the company in terms of receivables, fixed income, orderbook and clientele, he said.
"The restatement of accounts may take a while. We may not be able to give audited accounts to bidders immediately. (But) we can give them an idea about some important parameters such as the order-book, current position of receivables and clients," Karnik added.