The Hindu Business Line : Satyam promoters’ stake down to 5.13 pc

Hyderabad, Jan. 2 Satyam Computer Services has announced that the promoters’ stake in the company has now reduced to 5.13 per cent (3.46 crore shares) from 8.65 per cent at the end of September 2008.

This clears the air on days of speculation about the actual size of promoters’ stake in the crisis-ridden company following the startling disclosure that they had pledged their whole stock with financial institutions.

“The institutions may have sold part of it in the market on margin pressures, diluting the promoters’ stake,” the company had informed the stock exchanges a few days ago.

After the markets closed on Friday, the company informed National Stock Exchange that the stake of SRSR Holdings (to which the promoters had transferred their stake) was now down by 3.14 per cent (from 8.27 per cent prior to the sale), following the sale of 2.11 crore shares by the lenders (with whom the SRSR Holdings shares were pledged with) in the open market.

The stake of the promoters has been showing a dramatic decrease from 2001 when they held 25.60 per cent. It stood at 22.26 per cent by the end of March, 2002; 20.74 per cent in 2003; 17.35 per cent in 2004; 15.67 per cent in 2005; 14.02 per cent in 2006; 8.79 in 2007 and 8.74 in 2008.

The Board meeting, scheduled to meet on January 10, would also discuss the issues “arising out of the dilution of promoters’ stake”.

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