Satyam board meets to discuss on induction of a strategic partner

Hyderabad, Feb 21 (ANI): The Satyam Computers Services board began it's meeting here today to figure out the process of finding a strategic partner for the scam hit IT company.

The board will discuss the Company Law Board's recent approval on inducting a strategic partner and consider the way of finding a suitable one for itself.

Various suitors, including Larsen and Toubro, the Spice Group and the Hinduja Group have expressed an interest in acquiring a stake in the 7800 crore fraud-hit Satyam.

The Company Law Board on Thursday allowed the Government-appointed board to bring in a strategic investor through an open bidding process. For this purpose, the CLB also permitted the board to increase the authorised share capital and issue preferential shares.

Currently, the authorised capital of Satyam is 80 crore shares of Rs 2 each, of which 67.3 crore shares have already been issued. The CLB has authorised the Satyam board to pass a resolution to amend the capital clause of the memorandum of association to raise its authorised capital.

Accordingly, the authorised capital of Satyam is likely to increase from Rs 160 crore comprising 80 crore shares, to Rs 280 crore comprising 140 crore shares. (ANI)