Business Daily from THE HINDU group of publications
Thursday, Nov 13, 2008
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Business Daily from THE HINDU group of publications Thursday, Nov 13, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Software Info-Tech - Buyback Markets - Stocks
Mr V. Srinivas K. V. Kurmanath Hyderabad, Nov. 12 Putting to rest speculation about the likely buy-back offering, Satyam Computer Services has made it clear that the company is not contemplating that option for now. “At present there is no firm view or time line (on going for a buy-back option). We have not taken a decision in this regard as of now,” Mr Vadlamani Srinivas, Chief Financial Officer (CFO), told Business Line. He, however, added that the company would be taking decisions as it goes forward, weighing various possibilities carefully. Mr B. Ramalinga Raju, the Chairman, was quoted in the media that last month that buyback was one of the options before the company. He had also stated that he would have a serious thought on increasing promoter holding (the promoters held about 8.50 per cent as on March 31, 2008). It was to infuse confidence among the shareholders, who lost heftily in the recent weeks. “We constantly evaluate our strategy on utilisation of liquid fund positions. There are many options in front of us, particularly around acquisitions, buyback and special dividends,” Mr Srinivas said, when asked whether the company was looking at the option at this juncture. Satyam’s scrip, which opened at Rs 267, closed at Rs 264.80 on Wednesday on Bombay Stock Exchange. 
It shed a lot of its value in the last six months. From a 52-week high of Rs 544 on May 30, 2008, it fell to Rs 220 on October 10, as the markets were hit by the global slowdown. Satyam Computer hopes to double revenues from Europe Satyam buys Motorola’s Malaysian centre Satyam issues pink slips to 200 employees More Stories on : Software | Buyback | Stocks | Satyam Computer Services Ltd
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