Satyam Computer Services Ltd, currently being investigated for the biggest fraud in India's corporate history, on Friday said it has received SEBI approval to sell 51 per cent of its stake through a global bidding process.
Satyam Computer Services Ltd, currently being investigated for the biggest fraud in India's corporate history, on Friday said it has received SEBI approval to sell 51 per cent of its stake through a global bidding process.
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The selected investor will have to acquire the stake by purchasing 31 per cent equity via a preferential sale of new shares and subsequently make an open offer for a minimum 20 per cent, Satyam said today.
Satyam further said that the investor will make an open offer for 20 per cent on the closure of the subscription. The investor will be issued additional equity if it fails to get 51 per cent post the open offer, the management said.
The company will come out with details of the bidding process shortly, it said.
Meanwhile, the news had a positive impact on the Satyam stock, which jumped nearly 14 per cent on the NSE and 13.14 per cent on the Bombay Stock Exchange. It was later trading at Rs 38.50, up 9.69 per cent, on the NSE, and at Rs 39.50, up 12.54 per cent, on the BSE.
While BK Modi of Spice Corp was unavailable for comment, Hinduja CFO Prabal Banerjee said once the bidding process details come out, the company will examine the possibility of bidding.
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