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Satyam to Close Registration for Interested Bidders, Start Sale

Satyam Computer Services Ltd. will today close registration for interested bidders, kicking off the sale of the software provider at the center of India’s biggest corporate fraud.

Companies have until 5 p.m. local time to register their interest in acquiring 51 percent of the company, and submit a detailed bid by March 20, Satyam said. Hyderabad, India-based Satyam’s founder Ramalinga Raju is under investigation after saying Jan. 7 he inflated $1 billion of the company’s assets.

India’s Larsen & Toubro Ltd. and Spice Corp. may be among bidders in the sale, aimed at restoring investor confidence and retaining clients after Satyam lost 88 billion rupees ($1.7 billion) in market value. The sale, which comes before Satyam restates its accounts, will let the buyer gain a workforce of 50,000 and global customers from Cisco Systems Inc. to Sony Corp.