Finally, the 7500 cr fraud driven company Satyam gets an approval from SEBI for its bidding process. This bid will be an global offer for any companies intrested in taking over Satyam. The Management of Satyam said that the bidding approval from SEBI will allow an investor to acquire 51% of the stake in Satyam.
The management further said that fresh equity of 31% will be issued to the investor. The management further added that investor will make an open offer for 20% on closure of the subscriptttion. Investor will be issued additional equity if it fails to get 51% post the open offer. The investors which is selected will have a lock in period of 3 years.
Ministry Of Corporate Affairs:
Whosoever comes forward to takeover Satyam will have to make an open offer of 20 per cent in market and then the number of shares with the person or with the bidder could be higher than 31 per cent or 26 per cent.
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