Board discusses providing info to bidders

The government-appointed board of Satyam today held an informal meeting in Mumbai. Other than discussing the modalities of the bidding process, it is understood to have discussed ways to provide additional information that the potential bidders have asked for.

With some bidders having left mid-way and existing ones expressing concerns over lack of adequate financial data to take an informed decision, Larsen & Toubro (L&T) — which has slightly over 12 per cent stake in Satyam — is emerging as a front-runner, according to a source close to the development.

Tech Mahindra, another strong contender, is understood to have called for a board meeting on April 12, a day before the closing of the financial bids. Senior officials from BT, Tech Mahindra’s largest stakeholder, are in Mumbai to attend the meet. Cognizant Technology Solutions and private equity firm WL Ross are said to be the other two bidders.

The Satyam board will now hold a press conference on April 13. It is likely to declare the winner the same day.

The Satyam stock closed at Rs 47.15 on the Bombay Stock Exchange — up 3.39 per cent.