Satyam's sale to be finalized within 10 days

By siliconindia   |   Tuesday, 17 February 2009, 16:39 IST   |    4 Comments
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Hyderabad: Beleaguered Satyam may soon have a new owner with the new board speculating over the sale of the company. It went through a blueprint submitted by the investment banks for selling the company and declared that the sale procedure would be finalized in the next 10 days. "The Satyam board would take a final call on the sale procedure after discussing the proposal given by its investment bankers, comprising Goldman Sachs and Avendus Capital," an anonymous source told The Economic Times. Companies such as Larsen & Toubro, TechMahindra and Spice Group have shown interest in buying Satyam. The speculations on the sale occurred during the recent board meeting which was attended by Deepak Parekh, Tarun Das and C Achuthan. Kiran Karnik said that the restatement of accounts of Satyam might take time, but it would not hold up the process. The Satyam board has appointed KPMG and Deloitte to re-state the accounts following Ramalinga Raju's admission of falsifying accounts. "The good receivables of the company are giving us confidence. The company would be able to pay its employees salary for February," Karnik said. The Satyam has been in talks with banks to raise funds and is willing to pledge its properties for the purpose. The company has recently raised 600 crore from IDBI and Bank of Baroda.