Sources said the Satyam board has shorlisted six bidders comprising L&T, Tech Mahindra, Spice, and private equity players. Spice chief B K Modi and a spokpesperson of Tech Mahindra declined to comment, saying they are bound by the non-disclosure agreement. The L&T spokesperson too declined to comment.

Satyam shares were down 3.76 per cent at Rs 42.25, pulling down its valuation since Friday to Rs 2,876 crore.

As per the bidding process schedule, short-listed bidders will be given access to business, financial and legal diligence materials provided they execute a non-disclosure and non-solicitation agreement, a stand-still pact and a "no-claims" undertaking.

There is no reserve price for the auction, leaving the bid prices wide open.