Satyam sells most of itself
Fraud-hit IT firm Satyam has been given the go-ahead to sell most of itself.
Indian financial authorities approved plans for the company to sell a 51% stake as it seeks to win back clients and restore customer confidence.
Reports suggest computing giant IBM and Indian Engineering from Larsen and Toubro are frontrunners for the stake.
Satyam has struggled since former boss Ramalinga Raju admitting inflating their assets by more than $1bn.
Shares in Satyam jumped 18% after the company’s state appointed board got approval to sell the majority holding.
Satyam lost more than 80% of it’s market value following Mr Raju’s confession in January.
The auction for the stake will be global and potential buyers would need to have assets of at least $150m.
The buyer would then not be able to sell its stake for at least three years, Satyam said in a statement.
Satyam had been one of the biggest players in the booming IT software market, supplying back-office services to firms from around the world.
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