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L&T, Spice, Tech Mahindra put in bids for Satyam
March 12, 2009 15:13 IST
Last Updated: March 12, 2009 19:02 IST
Three leading corporate houses -- L&T, BK Modi-promoted Spice Corp and Tech Mahindra [Get Quote] -- have submitted their expressions of interest to acquire majority stake in the scam-hit Satyam [Get Quote] Computer.
The government-appointed board of the beleaguered IT company is meeting in Hyderabad tomorrow to scrutinise the EoIs. Business conglomerate Hinduja Group has pulled out of the competition.
Satyam closed registrations for potential bidders on Thusday as it began a process to sell 51 per cent stake in the company which is caught in the country's biggest corporate scandal.
The EoIs from prospective bidders, however, failed to lift the sentiments at the Satyam counter on bourses. The scrip on BSE closed the day down 3.18 per cent at Rs 47.20.
Engineering giant L&T, the single largest shareholder in Satyam at 12 per cent, said it has registered in the bidding process. Company spokesperson D Morada told PTI that "L&T has put in the EoI today."
Spice Corporation chairman B K Modi said the company has registered online. Earlier the day, Tech Mahindra said it has submitted the EoI and once the company receives the RFP (request for proposal) it will evaluate and conclude on next step.
The deadline to submit the bid and proof of adequate funds is March 20.