Mumbai: Fraud-hit Satyam Computer Services on Monday said that it had started the process to sell 51-per cent majority stake in the company by way of a global auction after India's market regulator gave it the go-ahead last week to do so.
The company issued an expression of interest, according to which there is no floor price for the bidders and the interested investor will have to register with the company by March 12.
The Securities and Exchange Board of India (SEBI) Friday gave its permission to Satyam to facilitate a global competitive bidding process so as to sell the majority stake to an investor.
"Commencing today (Monday), all interested bidders should register their interest in participating in the bidding process," the company said in a regulatory filing.
The bidders will have to submit detailed EoIs, along with proof of availability of funds of at least Rs 1,500 crore, by March 20, Satyam said in a statement.
Thereafter, based on submitted expression of interest, eligible bidders will be short-listed and given access to business, financial and legal diligence materials relating to the software bellwether hit by a $1.43-billion fraud perpetrated by its founder and former chairman B Ramalinga Raju.
The company also said the auction would be overseen by a former Chief Justice of India or a former Supreme Court judge appointed by the company.
The process of stake sale involves 31 per cent fresh equity shares and 20 per cent open offer.
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