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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: At least two firms join race for disgraced Satyam AFP - Saturday, March 21 NEW DELHI (AFP) - - At least two bidders said Friday they were in the race for India's Satyam Computer Services as a deadline expired for suitors to show they were serious about buying the scandal-tainted outsourcer. ADVERTISEMENT Potential bidders had until late Friday to show they had at least 15 billion rupees (300 million dollars) to back up their interest in the software services export giant whose finances were left in shambles by its founder. Indian tycoon B.K. Modi's Spice Group and telecom software firm Tech Mahindra Ltd (TML) said they were in the running for Satyam while engineering giant Larsen & Toubro said it would file a formal expression of interest. Larsen & Toubro has already built up a 12 percent stake in Satyam and is seen as a frontrunner for a majority stake in the firm which has been battling to pay wages since founder B. Ramalinga Raju declared in January he had inflated the balance sheet by over one billion dollars and exaggerated profits. US-based iGATE Corp, meanwhile, announced it had backed out of the running for Satyam after voicing doubts about the "financials" of the company at the heart of India's biggest financial fraud. "Based on further analysis, it (iGATE) has decided not to participate further in the bidding process," iGate said in a statement on its web site. Satyam made no comment on the bidders. Concern over Satyam's finances prompted global ratings agency Fitch to withdraw its triple AAA debt rating for Tech Mahindra, citing "uncertainties" over the "financial impact" on the company if it buys Satyam. The agency was unable to assign a new rating for Tech Mahindra, a unit of vehicle maker Mahindra & Mahindra "because of the (financial) uncertainty regarding the (possible) acquisition," Fitch analyst Nikhil Gupta told AFP. The bidding will be unusual in that Satyam cannot provide many figures needed for bidders to conduct normal "due diligence" on the accounts as they are still being restated by auditors. But any buyer will have to take on board potential liabilities from at least 13 lawsuits filed in the United States by defrauded shareholders. The government-appointed board is looking to offload 51 percent of Hyderabad-based Satyam, which is desperate for an injection of funds. Satyam was ranked India's fourth-largest by revenues before the scandal broke and had more than 600 clients including a third of the Fortune 500 companies. Satyam shares, which have tumbled since Raju's revelations, closed down 0.45 rupees or 1.01 percent at 43.9 rupees. The Economic Times, meanwhile, reported Satyam was set to lower its reported revenues over the past seven years by at least 10 to 15 percent. The lower revenues could have a significant impact on the software firm's valuation when bidders put a price tag on the firm, the newspaper said. Satyam's sale has taken on urgency with customers' uncertainty mounting over its future. Some 46 clients are reported to have either ended their contracts or to be in the process of moving their business to rival Indian outsourcers. The company has declined comment on these reports, but has said it has gained around 250 million dollars in new work over the last two months. The board, which has said it hopes to wrap up the sale within the next couple of months, was due to meet Saturday to scrutinise the bids. Those accepted would be given "access to certain business, financial and legal diligence materials" relating to Satyam, the company said. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy China sees impact on economic rebound limitedAFP - 2 hours 15 minutes ago Singapore economic survivalAFP - Saturday, March 21 Singapore may take up to six years to recover: LeeAFP - Saturday, March 21 Ex-SEC chairman Pitt predicts long downturnAP - Saturday, March 21 Related Articles: Business Vodafone to spin off Indian mobile masts -reportReuters - 1 hour 14 minutes ago India's L&T stays in race for Satyam Computer-reportsReuters - 1 hour 30 minutes ago US-BUSINESS SummaryReuters - 1 hour 48 minutes ago Pakistan c.bank sells 7 bln rupees of T-billsReuters - 1 hour 48 minutes ago China sees impact on economic rebound limitedAFP - 2 hours 15 minutes ago Enlarge Photo At least two firms join race for disgraced Satyam Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Actress Natasha Richardson dies after ski accident Arrest warrant issued for Lindsay Lohan Global warming leaving its mark on polar bears US bailout auditor launches probe into AIG bonuses Injured actress Richardson flown to US: hospital View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! 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