Satyam Computer Services has announced the signing of contracts worth over $250 million and said that efforts to restore stakeholder confidence and ensure business continuity have been extremely successful.
 
Satyam also received the go-ahead for stake sale with the Securities and Exchange Board of India (SEBI) easing pricing norms for preferential allotment of shares for companies in distress.

The market regulator said the normal rules on pricing of preferential share issues would not be applicable to companies that have been granted specific exemption.

Preferential allotment of shares are usually priced at an average of a company's stock value over six months, or two weeks, whichever is higher.

The regulator said this rule would not be applicable to a company where the SEBI board had granted relaxation for "substantial acquisition of shares and takeovers".

Sataym computer also announced that it has received fresh contracts worth over $250 million since 7 January, when Satyam's accounting problems came to light.

''Associates' dedication and the tireless efforts of the board have helped Satyam win new purchase orders and extensions totaling more than $250 million," Satyam chief executive AS Murty said.

"The board is satisfied with the progress of the company's stabilisation programme and appreciates the sustained efforts of the company's associates, who have placed its revival on a fast track," said Kiran Karnik, chairman of Satyam's board of directors.

The contract includes a $50 million project, plus numerous others representing a broad range of industries, technologies and geographies.

"These wins reflect a positive trend," Murty said. "More than half of this value comes from new purchase orders. That fact reinforces the confidence customers have expressed to us during our frequent discussions with them."

Satyam's board will also meet on Saturday, for the seventh time since 10 January. The meeting will approve the process of selection of a strategic investor and seek regulatory approvals. The board will, subject to government clearance, also announce specific process potential investors must follow.