The search of a buyer for the fraud-hit Satyam Computer is nearing an end. The government-appointed Board meeting in Mumbai on Monday (13th April) will select the winner through a bidding process. Satyam Board Chairman Kiran Karnik said in Mumbai that, interested parties can submit bids till 9 am on Monday (13th April). The technical evaluation of these bidders will be held first and after that financial bids will be opened.

 

Engineering major, Larsen & Toubro is believed to be the front-runner in the race for the beleaguered IT-company. Other companies like Tech Mahindra and Private-equity firm, W L Ross are also active in the fray. For a possible deal with Satyam, L&T had appointed Nomura and Citi Group as investment bankers. L&T owns a 12.04 per cent stake in Satyam.

 

Karnik also said that, if there is a party with a 10 per cent difference with the top bidder, this will go for an open auction. Otherwise, the top bidder will be announced as the winner, he added. The entire bidding process will be overseen by former Chief Justice of India S P Bharucha, which will ensure transparency in the process.