The company also received market regulator SEBI's approval to sell 51 per cent of the stake through a global bidding process.
"The bidding process will begin shortly," Parekh told reporters here after meeting Corporate Affairs Minister P C Gupta.
Parekh, along with Satyam Chairman Kiran Karnik and board member Tarun Das, met the minister on Friday, Mar 6.
Meanwhile, Gupta said the bidding process is being done on a 'war footing". A retired Supreme Court judge would be overseeing the whole process, which would ensure that it is done in a transparent manner.