Mid-sized firm iGate joined the line of suitors bidding for a controlling stake in Satyam Computer Services on Friday, but said it would pull out of the process if it did not receive required financial details.
Both Indian and international bidders including private equity firms are in the fray, sources familiar with the process said.
The six-member government-appointed board of the fraud-scarred Satyam met a day after registration began for the auction process that would see a 31 per cent stake being handed to winner, with a mandatory provision to buy another 20 per cent in the open market at the same price.
“iGate is now expecting to receive from Satyam Computer Services the latest financial statements, including those for the quarter ended December 2008 and the months of January and February 2009, and updated position on liabilities and potential liabilities of the company,” the company said in a statement.
“In the event of iGate not receiving this information immediately, it has no option but to withdraw its expression of interest,” it added.
The Hindujas have pulled out already, but Larsen & Toubro, Tech Mahindra and the Spice Group have submitted expressions of interest.
Sources familiar with the process said the lack of authentic financial and legal data would make suitors withdraw from the fray.
Registering at this stage does not oblige the suitors to participate in the final bidding.