Indian software company Tech Mahindra has gained the lead to emerge as the highest bidder for a 31 percent stake in the beleaguering firm, Satyam.

Tech Mahindra has offered to pay Rs 1,757 crore, at the rate of Rs 58 per share for a stake of 31 percent in the outsourcing firm. This will be followed by an additional offer for 20 percent stake in the company.

To begin with, Tech Mahindra would pay Rs 1,900 crore in the next four days for the 31 percent stake, but Satyam would operate as a special purpose vehicle till the time Tech Mahindra pursues the additional 20 percent.

However, it is believed that Tech Mahindra will run Satyam as an independent company with separate liabilities.

Besides, other bidders like the engineering firm Larsen & Turbo made an offer of around Rs 49 for each Satyam share.

And others like Spice Corp, IBM and iGate were among those qualified names that quit the race after showing an initial interest.

Meanwhile, the Company Law Board (CLB) stated that Tech Mahindra will have to present an affidavit by Thursday, to which the CLB will respond within 24 hours.