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Satyam Computer changes bidding process

Reuters
Apr 02, 2009 at 07:48pm IST

Mumbai: Fraud-hit Satyam Computer Services said on Thursday it has modified the bidding process for a controlling stake to rank qualified bidders whose technical bids are satisfactory on price only.

If there was no bid which was at least 90 per cent of the highest bid, then the top bidder will be declared successful, it said in a statement.

Otherwise the highest bid would be the floor price for an open auction to decide the successful bidder, it said.

EASING PROCESS: A government appointed board is trying to sell control of the firm.

The mechanism for conduct of the open auction will be notified to the bidders separately, Satyam said.

A government appointed board is trying to sell control of the firm, which was plunged into crisis in January after its founder and chairman Ramalinga Raju said profits had been overstated for years and assets falsified.

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