Indian Market regulator, the Securities and Exchange Board of India (SEBI), has allowed beleaguered Satyam Computer Services Ltd to sell 51 per cent equity stake in the company through a global competitive bidding. Larsen & Toubro, Tech Mahindra, Spice group, the Hindujas and some private equity firms have been in race to acquire the tainted IT firm.

The company would soon invite expression of interest from qualified investors through a proper bidding process under the supervision of a retired Supreme Court judge. Satyam board member Deepak Parekh, after meeting corporate affairs minister, P C Gupta, said, "The bidding process will begin shortly."

The firm stated that the investors can subscribe additional equity shares in case the investor acquires less than 51per cent of the stake. However, they would not be allowed to sell any equity shares acquired for a period of three years from the date of the acquisition. The firm said, "The open offer will be made at the same share price paid by the investor for the subscription."

Shares of company increased 19.94 per cent and closed at Rs 42.10 following the approval by SEBI for selling stake. (With Inputs from TopNews correspondents in India)