Spice bids for controlling stake in Satyam
The Spice Group has offered around Rs 27 billion to acquire controlling stake in Satyam Computer Services. The group has selected Enam Securities as the investment banker for the deal. According to Spice Group chairman B.K. Modi, a bid has already been placed before Satyam's board, and Spice's choice of a preferential allotment made known to Satyam. In case of a preferential allotment, the funds will go to Satyam and be used for the company's revival. In a share purchase from the market, the money would go to the shareholder selling stake. The Spice Group will also present a model of e-auction to the Ministry of Corporate Affairs to ensure transparency in the transaction. The other companies that have evinced interest in taking management control of Satyam are engineering firm Larsen & Toubro and Tech Mahindra, the software arm of the Mahindra & Mahindra Group.
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