InfoAnda - India's scandal-hit Satyam to pick winning bid April 13

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: India's scandal-hit Satyam to pick winning bid April 13 AFP - Sunday, April 5 NEW DELHI (AFP) - - India's scandal-tainted Satyam said Saturday it expected to announce the winner of bids for a majority stake in the struggling outsourcing giant on April 13. Satyam's government-appointed board has been looking for a buyer to take a 51-percent stake to inject much-needed funds into the company, whose finances were left in shambles by India's biggest corporate fraud. The company said it would open the bids on April 13 and announce the winner the same day. The board met with potential bidders Friday in Mumbai along with investment bankers Goldman Sachs and Avendus and senior Satyam executives. Indian engineering giant Larsen & Toubro and software services firm Tech Mahindra Ltd, which is partly owned by BT Group Plc, are two confirmed bidders. But local media reports have said there are up to eight, including a US private equity firm headed by billionaire investor Wilbur Ross, Cognizant Technology Solutions, IBM and buyout company KKR Financial Holdings. Satyam has declined comment on which companies are in the race. Larsen & Toubro, which has built up a 12.04 percent stake in Satyam, is considered a front-runner. Satyam, once India's fourth-biggest software services exporter by sales, has been struggling to pay wages and meet other expenses after founder B. Ramalinga Raju admitted in January he inflated the company's balance sheet by over a billion dollars and exaggerated profits. The company said it had extended the deadline for submission of final bids to April 13 from April 9 because potential buyers wanted more information on the company. The bidding process is unusual in that Satyam cannot provide many figures needed by bidders to conduct normal due diligence as the company's accounts are still being restated by auditors. Any buyer is expected to have to assume responsibility for liabilities from at least 13 lawsuits filed in the United States by defrauded shareholders. Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy ASEAN summit to discuss G20 plans: Thai PMAFP - 1 hour 56 minutes ago Sri Lanka's battles force it to seek bailoutAFP - 2 hours 47 minutes ago Q+A-How will rocket affect S.Korea markets, economy?Reuters - Sunday, April 5 China, Ecuador move toward energy dealAFP - Sunday, April 5 Related Articles: Business India Satyam may announce buyer on April 13 -paperReuters - 1 hour 44 minutes ago ASEAN summit to discuss G20 plans: Thai PMAFP - 1 hour 56 minutes ago Chateau Latour sells for US$62,000 in Hong KongAFP - 2 hours 2 minutes ago Taiwan slashs jobs for foreign workersAFP - 2 hours 14 minutes ago AT&T and union talks continue past deadlineAP - 2 hours 18 minutes ago Enlarge Photo India's scandal-hit Satyam to pick winning bid April 13 Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Explosives chemical found in US baby formula Journalists get shock with 'sexy' White House call Global warming leaving its mark on polar bears Arctic may be ice-free in 30 years: study Guantanamo 'soooo beautiful!' Miss Universe says View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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