Larsen & Toubro, Spice Group and Tech Mahindra are expected to have submitted bids for a 51 per cent equity stake in fraud-hit Satyam Computer Services even as US-based iGate Corp said it would not proceed as a deadline passed.
Larsen & Toubro, which holds 12 per cent stake in Satyam, declined to comment on its position.
Tech Mahindra has put in its formal bid along with proof for cash availability of Rs1,500 crore for acquiring a majority stake in Satyam.
"Our bid price will depend on the kind of information we get and we will factor in the liabilities in the bid price," Spice Group chairman BK Modi said.
He was referring to the legal liabilities of New York-listed Satyam Computer Services arising from class action lawsuits filed in the United States.
Registered bidders were required to submit a detailed expression of interest and show availability of at least Rs1,500 crore ($300 million) by 5 pm on Friday to stay in the race.
Satyam last week said several Indian and foreign firms, including private equity companies, had registered to bid for a controlling stake in Satyam Computer but gave no details of names or number.
Bidders face a tough job in valuing the company due to uncertainty about its accounts and liabilities.
A meeting of the Satyam board to discuss the stake sale issue and shortlist bidders for selection of a strategic investor, was extended into Saturday.
Satyam has been struggling since founder-chairman Ramalinga Raju resigned owning up fraud to the tune of Rs7,000 crore at the IT major.