U. S.-based iGate Corp has decided not to go for acquisition of 51 per cent stake in the fraud-hit Satyam Computer Services, leaving three firms L&T, Spice Corp and Tech Mahindra in the acquisition race, who submitted their expressions of interest (EoI) for the acquisition on Friday.

Government appointed board of Satyam Computers would discuss the matter on Saturday. The board would analyze the presentations made by firm's appointed investment bankers Goldman Sachs and Avendus to evaluate the financial positions of firms who submitted expression of interest by Friday.

The board had asked the potential bidders to submit financial and legal material besides proof of availability of at least 15 billion rupees ($300 million) by 5 pm on Friday.

Spice Group Chairman B. K. Modi said, "Our bid price will depend on the kind of information we get and we will factor in the liabilities in the bid price."

Larsen & Toubro, holding 12 per cent stake in the outsourcing firm, has declined to comment on further proceedings.

The shares of company declined 1 per cent on Friday and closed at 43.90 rupees on the Bombay Stock Exchange.