New York-listed Satyam's market value has plunged to around $600 million from $7 billion in May. The stock ended at 47.15 rupees (90 US cents) on Thursday, down more than 90 per cent from its last year's high of 544 rupees.

Analysts said Satyam looks attractive due to its long list of marquee clients and due to the plunge in market value.

However, they are unsure how to value the company due to uncertainty about its accounts and legal liabilities arising from the lawsuits filed in the United States by its shareholders.

NO INTENSIVE BIDDING

Tarun Sisodia, head of research at Anand Rathi Financial Services in Mumbai, did not expect bids to top 60 rupees a share.

"I don't think the bidding will be intensive. If anything, the market would be disappointed by the outcome of the bidding," he said. "Bidders will be extremely cautious in going overboard given the lack of information."

In October, Satyam had said it had around 53,000 employees and more than 600 clients including General Electric, Cisco Systems, and Qantas Airways.

Investment banking sources with knowledge of the proceedings said bids would be finalised only after due diligence was completed.

The inspection by bidders is being done through access to data containing "certain non-public information", and Satyam's management will provide an overview of operations and strategy.

Forrester said in a report last week while the sale would allay fears about Satyam's survival, clients would still face uncertainty about the acquired outsourcer's direction, service offerings and client relationship.

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