Satyam Submits Letter to SEBI Regarding Bidding Process
March 24 2009 - 11:37AM
PR Newswire (US)
HYDERABAD, India, March 24 /PRNewswire-FirstCall/ -- Satyam
Computer Services Ltd. (NYSE:SAY)(BSE:SATYAM)(NSE:SATYAMCOMP) (the
"Company") announced today that it had submitted a letter (the
"SEBI Letter") to the Securities and Exchange Board of India
("SEBI") relating to the process to be followed by the Company
pursuant to Regulation 29A of the SEBI Takeover Regulations to
select an investor and the in-principle exemptions/relaxations
granted by SEBI from applicable SEBI regulations and guidelines.
This press release and the SEBI Letter are being furnished to the
U.S. Securities and Exchange Commission (the "SEC") on Form 6-K,
and are available to the public over the Internet at the SEC's
website at http://www.sec.gov/ and on the website of Bombay Stock
Exchange and National Stock Exchange. This press release is not an
offer of securities for sale in the United States. Securities may
not be offered or sold in the United States absent registration or
an exemption from registration under the U.S. Securities Act of
1933, as amended. Any public offering of securities to be made in
the United States will be made by means of a prospectus that may be
obtained from the Company and that will contain detailed
information about the Company and its management, as well as
financial statements. The Company does not intend to register any
securities in the United States or to conduct a public offering of
securities in the United States. As previously disclosed, the
Company Law Board Principal Bench New Delhi authorized the
Company's Board of Directors to select an investor, subject to
certain conditions. SEBI's approval is not an assurance that any
qualified investor will bid to acquire any interest in the Company
at an appropriate price or at all. About Satyam Satyam (NYSE:SAY),
a leading global business and information technology services
company, delivers consulting, systems integration, and outsourcing
solutions to clients in numerous industries across the globe.
Satyam leverages deep industry and functional expertise, leading
technology practices, and an advanced, global delivery model to
help clients transform their highest-value business processes and
improve their business performance. The company's professionals
excel in engineering and product development, supply chain
management, client relationship management, business process
quality, business intelligence, enterprise integration, and
infrastructure management, among other key capabilities. Satyam
development and delivery centers in the US, Canada, Brazil, the UK,
Hungary, Egypt, UAE, India, China, Malaysia, Singapore, and
Australia serve numerous clients, including many Fortune 500
organizations. For more information, see http://www.satyam.com/.
DATASOURCE: Satyam Computer Services Ltd. CONTACT: Web Site:
http://www.satyam.com/
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