Larsen & Toubro, BK Modi-promoted Spice Corp and Tech Mahindra have submitted their expressions of interest (EoIs) to acquire majority stake in the scam-hit Satyam Computer. However, the Hinduja group has pulled out of the race even as Satyam closed registrations for potential bidders on Thursday.

The government-appointed board of the IT company is meeting in Hyderabad on Friday to scrutinise the EoIs. Three EoIs, however, failed to lift sentiment at the Satyam counter on the bourses. The scrip on the BSE closed the day down 3.18 per cent at Rs 47.20.

L&T, which holds a 12 per cent-stake in Satyam, informed the stock exchanges that the company has registered its interest in participating in the bidding process set out by the board of Satyam Computer.

Said a Tech Mahindra statement, “In line with the process set out by the Board of Satyam Computer Services Limited, Tech Mahindra has today registered its interest in participating in the bidding process. Once we have received the RFP (request for proposal) and other information we will evaluate and conclude on next steps.” Spice Corporation chairman B K Modi said the company has registered online. The deadline to submit the bid and proof of adequate funds is March 20.

Multinational IT giants Hewlett-Packard and CSC (Computer Sciences Corp) were also understood to have submitted their interests but no confirmation could be ascertained. When contacted, spokespersons of both companies said they would not like to comment.

Global infotech major IBM, which has long been seen as a potential acquirer of Satyam, also did not confirm the move. Tata Consultancy Services and HCL Technologies also declined to comment. Infosys Technologies said it did not register in the process, while Wipro said it does not comment on rumours.

... contd.