Spice Corp today said its board has given the go-ahead for joining the bidding race for Satyam Computers only if 51 per cent of the company is put on the block.
"The board discussed the CLB order on Satyam Computers and has decided that if they (Satyam) give 51 per cent stake in the company, we will go ahead with the bidding," B K Modi, chairman of Spice Corp, which has expressed its interest to buy into the company told PTI.
He said the CLB has directed the company to sell 51 per cent stake, which would give the buyer management control.
Satyam Board is meeting tomorrow to discuss the CLB decision, the IT company's chairman Kiran Karnik earlier said.
The CLB, however, yesterday in its order quoted Satyam's counsel as seeking to sell a minimum 26 per cent and had not explicitly mentioned selling controlling stake.
Modi is not sure of acquiring a 20 per cent stake through an open offer, saying he doesn't see it as transparent bid.
He has been saying that he would prefer putting his money directly into the fraud-hit outsourcing firm rather than taking a minority stake and making an open offer to existing shareholders to increase the holding.
Earlier, CLB approved raising the firms authorised share capital and a public auction for sale of at least 26 per cent stake. It allowed induction of a "strategic investor" into Satyam through auction of shares.
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