Business Daily from THE HINDU group of publications
Wednesday, Jan 07, 2009
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Business Daily from THE HINDU group of publications Wednesday, Jan 07, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Markets
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Stocks Info-Tech - Human Resources
Our Bureau Hyderabad, Jan. 6 Amid market buzz of possible merger or strategic investor coming into the beleaguered Satyam Computer Services, employees of the company hoping to invest in its shares will have to wait for now. The reason being that the company’s trading policy bars them from buying shares ahead of the quarterly results. The Trading Window closed on December 17 and will open 48 hours after the third quarter results are declared. The board is expected to consider the results on January 17. The company policy states: “During this period, associates at the mid-level are allowed to sell only shares worth up to Rs 5 lakh in sale value or 2,500 shares in aggregate, whichever is lower, with pre-clearance, to meet the emergency requirements.” With the crucial meeting of the depleted board slated for January 10, rumours are afloat that companies such as HP, Accenture Tech Mahindra, Reliance ADAG are showing interest in Satyam. On their part, some employees have reportedly started networking with fellow staffers and friends to buy the stock of the crisis-ridden company. Satyam, which has 53,000 employees, would have spent Rs 6,524.60 crore (annualised figures of the company’s half-yearly figures) in 2008-09 on personnel expenses. Assuming that even if they spend 10 per cent of their salaries to buy shares (at Rs 179 a share on Tuesday), they could purchase 3.65 crore shares – or 5.4 per cent of the 67.40 crore shares – surpassing the largest shareholder, Aberdeen. A number of employees Business Line spoke to at Satyam’s various facilities in the city revealed that they were not aware of any such move (stock buying). An analyst said the insider-trading norm prevents staff from purchasing shares in which they are working, ahead of certain events such as board meetings and declaration of results. They would have a deadline for this. A staffer on condition of anonymity said he was not aware of the share-purchase activity by staff, but recollected that they received a communication from the company on December 16 telling them that the share purchase period was over ahead of the third quarter results. More Stories on : Stocks | Human Resources | Satyam Computer Services Ltd
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