Spice Corp board to decide shortly on bidding for Satyam

NEW DELHI: B K Modi-led Spice Corp, which had pulled out of the bidding process of Satyam Computer alleging non-transparency, said on Thursday that its board will decide shortly on re-entering the fray in view of the open auction process.

"We have to look at the modifications that the board has brought in the bidding process whether they are genuine or cosmetic ones to bring in the desired transparency. Our board will decide," Spice Corp Chairman B K Modi told PTI.

The board meet could be held on Saturday, a Spice Corp official said.

L&T and Tech Mahindra are the other shortlisted bidders for Satyam, which is looking for investors to offload 51 per cent stake since its founder admitted inflating accounts.

Adding a new element for strategic sale to get higher value, Satyam today announced that it would conduct open auction in case there are one or more bid in the 90 per cent range of the top financial bid.

"If one or more financial bids are at least 90 per cent of the highest bid, the Board will treat the highest bid as the floor price and conduct an open auction," the company said in a note to the market regulator Securities and Exchange Board of India (SEBI).

In such a situation, the top bidder as also those within 90 per cent, would be asked to participate in the open auction and raise their bids, the company said.