Wanted: Bidders for 51 percent stake in Satyam

Interested in a 51 percent stake in Satyam Computer Services? Here's your big chance.

The company said on Monday that it will begin screening interested bids for a 51 percent stake in the company until March 12 (statement).

The offshore outsourcing firm has been rattled by fraud and now has new management and financing. For now it is putting itself up for bid (see all Satyam posts). 

Here are the details:

• Under Indian securities rules interested bidders must make a public offer for a 20 percent stake with the option to go to 51 percent.
• The deadline to register your interest in bidding is March 12 at 5 p.m. Indian Standard Time.
• Any bidder that has registered to bid will get a request for proposal (RFP) and have to submit an expression of interest in the company. 
• You'll also have to prove that you have funds of about $290 million available to you.
• Eligible bidders will be short-listed and given access for due diligence under a non-disclosure agreement. 
• Satyam says the process "for selecting a bidder shall be overseen by a former Chief Justice of India or a former Supreme Court judge appointed by the Company."

If interested, see the Satyam site. If you pretend you're an institutional investor you get to see more of the process. I didn't express an interest given I don't have the $290 million lying around (and wouldn't pay that for Satyam anyway).