IHS Chemical Week

People & Business :: Companies

Indian Government Okays Satyam Request to Sell Stock to Strategic Investor

10:37 AM MST | February 20, 2009 | Esther D'Amico

India’s Company Law Board (CLB) has approved Satyam Computer Services’ (Hyderabad, India) plan to increase equity so that the financially troubled IT consulting firm may sell preferred stock to a strategic investor, Satyam says. Satyam’s board has told CLB that it has taken several steps “for the financial revival” of the company, but that it needs a strategic investor to “pump in sufficient equity capital” and provide managerial expertise, the CLB order states. Satyam is still reeling from what is being called...

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