Satyam starts bidding process for its sale

March 12th, 2009 MUMBAI - IT services major Tech Mahindra has registered its interest in bidding for 51 percent stake in scam-hit Satyam Computers, it was announced Thursday. 'In line with the process set out by the board of Satyam Computer Services, Tech Mahindra, on March 12, 2009, registered its interest in participating in the bidding process.

March 12th, 2009 MUMBAI - Satyam Computer Services has begun the procedure of selecting an investor by inviting expressions of interest from bidders. SEBI has recently authorized Satyam to sell up to 51 percent stake.

March 12th, 2009 MUMBAI - Infrastructure major Larsen and Toubro (L&T) and Mahindra and Mahindra's IT arm Tech Mahindra were among the bidders to register interest Thursday in acquiring a 51-percent stake in scam-hit Satyam Computer Services. L&T, which already holds 12 percent in the Hyderabad-based IT major said, in a regulatory statement: 'The company has registered its interest in participating in the bidding process set out by the board of Satyam Computer Services.' Earlier in the day, Tech Mahindra also registered interest in bidding.

March 9th, 2009 HYDERABAD - Fraud-hit Satyam Computer Services Monday said it had started the process to sell 51-percent majority stake in the company by way of a global auction after India's market regulator gave it the go-ahead last week to do so. 'Commencing today (Monday), all interested bidders should register their interest in participating in the bidding process,' the company said in a regulatory filing.

April 13th, 2009 MUMBAI - It was with a sense of satisfaction and achievement that the six-member board of Satyam Computer Services Monday announced the virtual 'rebirth' of the crisis-ridden software giant, hoping its future would now be sound and secure. At a hurriedly convened press conference after Tech Mahindra agreed to pick up a 31 percent stake in Satyam for Rs.1,756 crore (Rs.17.56 billion/$351 million) at Rs.58 per share, the board members appeared relaxed.

March 6th, 2009 MUMBAI - Hyderabad-based Satyam Computer Services has secured the nod from the India's markets regulator to sell 51-percent majority stake by way of a global auction to put the software bellwether, hit by a $1.43-bilion fraud, back on rails. The Securities and Exchange Board of India (SEB) gave its permission to Satyam to facilitate a global competitive bidding process so as to sell the majority stake to an investor, the company said in a regulatory filing Friday.

March 17th, 2009 Satyam allots 10,511 equity shares under stock option plans MUMBAI - IT firm Satyam Computers, on Tuesday said in a filing to the Bombay Stock Exchange that it has allotted 10,511 equity shares under its stock option plans. The government appointed Satyam board gave its consent to the allotment of shares on March 13, the filing said.

March 13th, 2009 NEW YORK - Nasdaq listed IT and outsourcing solutions major iGATE Friday announced its interest in acquiring a 51-percent stake in scam-hit Indian firm Satyam Computer Services by registering for a global auction. This brings up to four the number of firms interested in buying a majority stake in Satyam, whose founder Ramalinga Raju confessed to a Rs.74 billion ($1.5 billion) fraud in January.

April 18th, 2009 IT major Tech Mahindra, which needs to pay Rs.1,756 crore for acquiring 31 percent stake in the troubled IT firm Satyam Computer Services, Saturday said it has raised Rs.600 crore through debt instrument.The government-appointed board of Satyam Monday named Venturbay - a subsidiary of Tech Mahindra - as the winner of the auction to sell a majority stake in the fraud-hit IT giant.Under the share subscription agreement signed by the winning bidder and the board, Tech Mahindra will have to deposit the bid amount in an escrow account by April 21. Tech Mahindra will also make an open offer for another 20 percent stake in Satyam at Rs.58 per share for controlling stake (51 percent).

April 12th, 2009 BANGALORE - India's fourth largest software exporter Satyam Computer will get a new buyer Monday, a little over three months after its founder B. Ramalinga Raju shocked India Inc by admitting massive financial fraud of Rs.7,800 crore (Rs.78 billion).

January 1st, 2009 BANGALORE - The 8.27 percent equity stake of the promoters in IT bellwether Satyam Computer Services has slumped to 5.13 percent after their shares, pledged with financial institutions through a family-owned holding firm, were sold in the market, the firm disclosed to the Bombay Stock Exchange (BSE) late Friday. In a letter to the BSE listing department, Satyam's company secretary G.

January 5th, 2009 BANGALORE - The sale of mortgaged shares of Satyam promoters by Infrastructure Leasing and Financial Services (IL&FS) has further reduced their minority holding in the beleaguered IT bellwether, a company official said Tuesday. IL&FS has informed the stock exchanges late Monday that over 24,520,500 equity shares of the promoters (pledged with lenders) were sold in the secondary market between Dec 23 and Jan 5 on behalf of Bangar Agro Ltd, Amravati Greenfields Ltd, Narayandri Greenfields and Harangi Agro Farms Ltd.

January 27th, 2009 HYDERABAD - Leading pharmaceutical company Dr. Reddy's Laboratories has denied that the land it got on the outskirts of Hyderabad after acquiring Satyam Institute of E-business Ltd was assigned land or the state land meant for poor.

January 7th, 2009 HYDERABAD - Mendu Rammohan Rao, dean of the prestigious International School of Business (ISB) here, Thursday resigned from his position in the wake of the financial fraud at Satyam Computers. He was a member of the Satyam board when the irregularities were committed.

January 11th, 2009 HYDERABAD - The three-member board appointed by the central government to bring back financial order to the fraud-hit Satyam Computer Services began its meeting here Monday. A Satyam spokesperson said the meeting began at the company's headquarters in Hitec City at 11 a.m.