The Hindu Business Line : Satyam promoters’ stake falls below Aberdeen Group

Hyderabad, Jan. 3 SRSR Holdings, representing the promoters of Satyam Computer Services with a declared stake of 5.13 per cent on Friday, finds itself lower than the Canada-based Aberdeen Group’s total stake of 5.2 per cent (September 2008).

According to the September 2008 share-holding pattern, Aberdeen International India Opportunities Fund (Mauritius) Ltd and Aberdeen Global Asia Pacific Fund held 3.53 per cent and 1.59 per cent stake respectively in Satyam Computer.

Speculation over changes

The promoter’s holding in the company, which was at 8.27 per cent on September 2008, came down to 5.13 per cent following the market sale of shares pledged with the financial institutions.

While speculation is rife about possible changes in management structure, acquisition of stake by private equity firms and competitors ahead of the crucial board meeting slated for January 10, the Hyderabad-based IT major’s top management is working overnight to win the confidence of FIIs and significant investors.

SOME SOLACE

A comfort for Satyam promoters is the reported confidence vested by Aberdeen Group as well as the positive sentiment that the scrip has been showing in the past one week.

The Satyam scrip, which closed at Rs 135.50 on December 26, 2008 went on to touch a high of Rs 182.35 on January 1, and dipped to end at Rs 177.55 on January 2.

Scrips fall

Interestingly, the day the board took the now controversial decision to acquire the Maytas twins and on December 16, 2008 the scrip closed at Rs 226.50.

It fell dramatically to Rs 158.07 the following day, which also saw the management withdrawing the deal.

Related Stories:
Satyam promoters’ stake down to 5.13 pc
A Satyam hole in market cap

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
CDMA-based 3G services limited to existing players

Satyam promoters’ stake falls below Aberdeen Group