Satyam is prepared to sell 31 percent new shares to a strategic investor, The Mint newspaper reported on Friday.

According to the paper, Satyam’s board met on Thursday to discuss possible acquisitions but no statement was issued after the meeting.

Quoting a company executive, The Mint said Satyam's board wanted a winning bidder to buy a mandatory further 20 percent share in the company. No further details have been announced

The full report can be found at Reuters.