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L&T to take decision on bidding after studying CLB order

This article was posted on Feb 20, 2009 and is filed under Stock News

Mumbai: Larsen and Toubro on Friday said it would soon take a decision on bidding for Satyam Computer Services after studying the CLB order. “(The) CLB order has come only at night, we are studying it. We hope to complete it (the study) by tonight and we will take a decision over the days,” Larsen and Toubro chairman AM Naik said.

On Thursday, the Company Law Board allowed the distressed IT firm to conduct a public auction for inducting a strategic investor and to raise its equity base, after hearing a petition filed by Satyam.

CLB also authorised the company’s government-appointed board for making allotment of preferential shares and raise its equity capital by 50 per cent from Rs 160 crore to Rs 240 crore.

source: DnaIndia

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