Satyam to invite bids

Satyam Computer board plans to invite bids for a strategic investor in the next few days and expects to pump in healthy amount as investment into the company, according to company chairman Kiran Karnik.

We have worked out the modalities for inviting bids in the next few days, which now needs SEBI approval- Karnik said.

The funding from this investor will lend further financial stability to Satyam, Karnik added.

Satyam is expected to submit its proposal to market regulator Securities & Exchange Board of India (SEBI) very soon.

The SEBI Board is likely to give its clearance without many changes, given that Satyam is a `special case`, a senior official working with the regulator had said last week.

A few companies such as Larsen & Toubro, the Hinduja group and the B K Modi-led Spice group, have already expressed their intent to invest in Satyam.

The company was also confident that it can provide an idea about the estimated value of the company in terms of receivables, fixed income, order book and clientele, he said.