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).
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).