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Our Bureau

Mumbai, Jan. 6 The scrips of Tech Mahindra and Satyam Computer Services witnessed a lot of trading activity on the bourses on Tuesday following a news report that the Mahindra group company was evaluating a merger with the Hyderabad-based IT firm.

However, Satyam in a statement issued around mid-day, said that there was no truth in the report. Tech Mahindra’s response which came after market hours, termed the news report as “speculative in nature”.

The Satyam scrip hit an intra-day high of Rs 180.5 on BSE in the early hours of trade, before settling at Rs 179, a 7.31 per cent gain from the previous day’s close.

Tech Mahindra was up by 10 per cent in early morning trade to touch its intra-day high of Rs 325 before settling at Rs 295.45, gaining 4.18 per cent from the previous day’s close on the BSE.

About five lakh shares of the Pune-headquartered company changed hands on the BSE.

The promoter’s shareholding in Satyam Computer Services has now come down to 3.6 per cent from 5.1 per cent over the last four trading sessions, after several institutional lenders sold shares that were pledged with them by the promoters of the embattled IT firm.

IL&FS Trust Company, one of the institutional lenders to Satyam, sold over 2.45 crore shares or 3.64 per cent holding in the Hyderabad-based company over the last fortnight in open market transactions, Satyam informed the bourses today

IL&FS did so in its capacity as trustee for debenture holders and lenders such as DSP Merrill Lynch, DSP Blackrock, Deutsche Bank, HDFC Mutual Fund and IL&FS Financial Services, the Satyam filing said.

According to market sources, the promoters of Satyam had pledged a significant part of their holding in the company with IL&FS in lieu of loans obtained.

Before these institutional lenders started selling shares in Satyam, SRSR Holdings, representing the promoters of Satyam Computer Services, had a declared stake of 8.27 per cent in the company as on September 2008.

More Stories on : Software | Mergers & Acquisitions | Satyam Computer Services Ltd

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