Satyam Computer Services won crucial approvals to increase its capital base and rope in strategic investors, setting the stage for what is likely to be a keenly-contested bid war critical to ensure the company’s survival.
The Company Law Board (CLB) permitted the scandal-hit company to raise its authorized capital to Rs 280 crore from Rs 160 crore, or to 140 crore shares from 80 crore, and allowed it to induct a strategic investor through a competitive auction process. The company was also allowed to allot the new shares on a preferential basis at par or at a premium.
Friday, February 20, 2009
Satyam gets nod to select buyer, raise capital base
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