20 Feb :With the Company Law Board clearing the decks for Satyam stake sale, one of the suitors, B K Modi-promoted Spice Group on Thursday said its board will meet on Friday to decide on its bid for the crisis-ridden IT major.
Another suitor Hinduja Group said that it is interested in buying the entity, while Tech Mahindra said its options are open. "We have shown our interest," Hinduja Group (India) Chairman Ashok Hinduja said on Thursday.
The company is waiting for the report from Goldman Sachs, the investment banker, which has been mandated by the new Satyam board to help decide on the strategic investor.
"We are ready to put the bid (for Satyam)… Our board is meeting on Friday. We will be taking our call and naturally I am going to give the price at which I am going to bid. "We have set e-auction which allows you to have three rounds of pricing," Modi told a private television channel when asked about his comments on CLB decision.
The CLB on Thursday allowed Satyam board to induct one or more strategic investors through a public auction and raise funds by preferential allotment of shares.
Tech Mahindra, which has expressed interest in acquiring Satyam, said that it is keeping is options open.
"I would like to get more information and we will definitely keep our options open. At this stage, if you want an one line answer, I would say not interested," Tech Mahindra’s President for International Operations C P Gurnani told the news channel.
The spokesperson of L&T, which has opposed any auction for selling stake in Satyam declined to comment on CLB order. Satyam spokesperson also did not comment on CLB order.
Modi said whoever makes a bid for Satyam has to take a calculated risk.
"… whoever makes a bid has to take a calculative risk based on the possibilities of liabilities becoming effective and the assets coming in the company.
"On that basis, we are going to take a decision," Modi said while responding to a query on the valuation of the Satyam.
CLB on Thursday decided to allow Satyam to increase its equity capital by 75 per cent to Rs 280 crore is a good move