Satyam Computer Services Ltd. won approval from The Securities and Exchange Board of India to sell a 51% stake in the company.
Much maligned in recent months after the Hyderabad-based software-services provider revealed it had defrauded investors and clients, the Business Standard reported yesterday that IBM Corp. may be the front-runner to acquire the company, citing, sources close to the situation.
As a result of the announcement, Bloomberg reports today that Satyam's shares rose 20%, valuing the company at 28.4 billion rupees ($550 million).
IBM has begun talks to buy Satyam, and brought in a team of lawyers and investment bankers to assess the deal, according to the Business Standard report.
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access