Fidelity raises Satyam stake to 6.8% | business | Hindustan Times
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Fidelity raises Satyam stake to 6.8%

business Updated: Jan 30, 2009 20:57 IST

Institutional investor Fidelity has bought a 3.13 per cent stake in Satyam Computer for over Rs 112.9 crore in open market transactions.

While its arm Fid Funds Mauritius Ltd has purchased 40.4 lakh shares through a bulk deal at BSE, a further 1.7 crore shares have been purchased by Fidelity through another two bulk deals at the NSE. The BSE bulk-deal was executed at an average price of Rs 52.91 a piece, aggregating Rs 21.4 crore, on Wednesday.

On the same day, shares at the NSE were purchased in two separate deals of 92.4 lakh shares and 78.9 lakh shares — at average prices of Rs 54.5 and Rs 52.2 per share — for a total amount of Rs 91.5 crore.

Fidelity, which held 3.17 per cent in Satyam, bought 3.62 per cent on Wednesday, to raise its holding to 6.79 per cent, which would potentially make it the second largest stakeholder.

Shares of Satyam were on a gaining spree for eight consecutive trading sessions, from January 16 to January 28, when it more than doubled with a surge of 173 per cent.