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Satyam takes look at suitors after scandal
Bill Condie16 Feb 2009
Scandal-hit computer services company Satyam is considering offers from suitors, it emerged today.
"The board and executive team have a responsibility to consider all serious offers," chief executive AS Murty told The Wall Street Journal. "We will evaluate them all, but are under no duress to act on them immediately."
Indian construction firm Larsen & Toubro, which holds a 12% stake in Satyam, has expressed an interest, as have other Indian firms including HCL Technologies, Tech Mahindra, the Hinduja group and the Spice Group.
Satyam shares have fallen almost 75% since founder and former chairman Ramalinga Raju last month allegedly confessed to falsifying company accounts and inflating cash on the balance sheet by more than $1 billion (£696 million).
The Indian government appointed a new Satyam board last month.
