The Hindu Business Line : Satyam offloads 1-m Sify shares in pvt placement

TO further slash its overall holding in Satyam Infoway Ltd (Sify), Satyam Computer Services Ltd has completed the sale of one million equity shares on a private placement basis through the company-sponsored American Depository Shares (ADS) for an aggregate price of Rs 1,98,903,750 in cash.

This move is expected to bring down Satyam's stake from 35 to 32 per cent and is part of the company-sponsored ADS programme involving 4.6 million shares, according to company sources.

Satyam, the core promoter of Sify, a major Internet Services Provider (ISP) in the country, had earlier this year brought down its overall holdings to below 35 per cent. Venture Tech and SAIF had lately invested about $20 million in Sify. This move saw Satyam to bring down its overall holding from about 51 per cent to 35 per cent.

It may be recalled that on September 17, the company offered to sell an aggregate of 10,00,000 equity shares, for a purchase price to be determined by it based on the recommendations of ICICI Securities, the lead manager for the company-sponsored ADS programme, on a private placement basis. The sale transaction was privately negotiated and closed late last week at a sale price of Rs 198.90 per share.

In a communication to the Securities and Exchange Commission (SEC), the Vice-President, Corporate Affairs and Company Secretary, Mr G. Jayaraman, informed about the private placement offer.

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