Saturday April 04, 2009

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By Sam Devraj  ( Assistant Editor )

Satyam bid: Deadline is April 13 now

SATYAM Computer Services Ltd has extended the deadline for submitting bids for the software services firm to April 13 as bidders sought more data, board member said on Saturday (April 4).

According to the earlier deadline, the bids were to be submitted by April 9.

“It (submission of technical and financial bid) has been extended to April 13 because bidders have met us and asked for additional information and data, which our team is working on. The data will be provided shortly,” Deepak Parekh told reporters.

The bids will be opened on the same day, he added.

The outsourcer, reeling since its founder and chairman quit earlier this year after revealing an accounting fraud, is trying to find a buyer to take a 51 per cent stake in the company through a bidding process.

On Thursday (April 2), Satyam said it has tweaked the bidding process to introduce a second-round open auction to find a new owner if necessary.

Engineering conglomerate Larsen & Toubro and mid-sized outsourcer Tech Mahindra are among the suitors, with local media reporting US private equity WL Ross & Co was also in the race.

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