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| Hinduja Group prefers taking 51% stake in Satyam
Last Updated: 2009-02-24 18:05:43
New Delhi: The Hinduja Group, one of the interested parties in acquiring a stake in Satyam Computer, on Tuesday said it would prefer taking 51 per cent in the IT major.
"It will be preferred if somebody can get 51 per cent. Suppose the open offer does not come to 20 per cent, then it will be less than 51 per cent. Also, till the time proper restated account is available or crystallisation of liability is happened, no bidder can really put a value on that company," Hinduja Group CFO, Prabal Banerjee told PTI.
‘Some clarity on Satyam sale process by week-end’
Last week, the board of Satyam approved the stake sale process as directed by the Company Law Board and said it would release the process of the sale after getting due approvals.
Earlier, another suitor Spice Group's Chairman, B.K. Modi had said that his company would be interested in Satyam only if the entire 51 per cent stake is offered through the preferential route.
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"The entire money should go into Satyam. The CLB has already laid down the broad framework of the process to be followed. They have also recognised that any strategic investor would like to have adequate equity shareholding, which would enable the investor to constitute its own board,'' Modi had said.
L&T, the 12 per cent stakeholder in Satyam, has already said it needs to know the details of the stake sale process before commenting.
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