The fraud hit company Satyam Computers Services is finding quite a few number of suitors towards it.
Engineering giant L&T and Tech Mahindra, the software arm of the M&M group, have already shown interest in taking management control of Satyam. Now Spice, which is already into the mobile and real estate  sector is bidding for a stake in Satyam.

“We are a serious bidder and have enough cash for acquiring Satyam. We have decided to rope in Enam Securities as the investment banker for the deal,” Spice Group chairman B K Modi told ET after a board meeting on Saturday evening.

The company has cash from the recent sale of a group company Spice Telecom to Idea Cellular Ltd.

“We would go about the trisection in a transparent manner. We would not buy shares from the market. We have already placed a bid before Satyam’s board. We prefer a preferential allotment”, said Mr Modi. In case of a preferential allotment, the money would go to Satyam which could be utilised for its revival. In a share purchase from the market by the acquirer, the money goes to the shareholder who sells his stake.

The Spice Group will also present a model of e-auction to the ministry of corporate affairs which would ensure transparency in the whole transaction, a company official, who asked not to be named, told ET.

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