About eight potential bidders have registered with Satyam Computer Services
He declined to be named as he is not authorized to speak to the media.
Satyam was plunged into a crisis in January after its founder quit as chairman revealing profits were falsified for years. The company is now overseen by a government appointed board, which has begun the process of inducting a strategic investor.
The last day for registering expression of interest was Thursday, and the bidders will need to show the ability to invest 15 billion rupees ($290 million) by March 20.
Engineering and construction firm Larsen & Toubro
The bankers declined to reveal the names of the other bidders. Final bids are expected to come in at between 40-50 rupees a share but the price could change depending on the disclosures, they said.
By 0850 GMT, shares in Satyam were down 4 percent at 45.30 rupees valuing the firm at about $600 million.
(Reporting by Narayanan Somasundaram; Editing by Ranjit Gangadharan)