Satyam Computer Services Ltd. (fka SAYCY)

[mcmorlod3]

News for 'SAY' - (DJ Satyam To Seek Open Offer Price Waiver Once Gets Bids -Report)

DOW JONES NEWSWIRES

Satyam Computer Services Ltd.'s (SAY) board would itself approach market regulator the Securities and Exchange Board of India with a waiver request for pricing with relation to an open offer once it receives bids from suitors for the company, the Press Trust of India reported Wednesday, citing an unnamed senior source.

"Once we have received bids, we will ourselves approach SEBI. However, we have not received any bid so far," the source, who is closely connected with developments in the company, told PTI.

The Hyderabad-based software firm is likely to invite bids from potential buyers soon. "It may happen even tomorrow (Thursday)...once we receive bids, then the Board will approach SEBI for a waiver on the takeover regulation of 26-week average price required to make an open offer," he said, the PTI reported.

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=nTKOYxuLrfrfe8ccqC4mpw%3D%3D. You can use this link on the day this article is published and the following day.

(END) Dow Jones Newswires

January 28, 2009 17:51 ET (22:51 GMT)

Copyright (c) 2009 Dow Jones & Company, Inc.- - 05 51 PM EST 01-28-09