Fidelity reduces stake in Satyam Computer to 4.02 pc | business | Hindustan Times
Today in New Delhi, India
Mar 27, 2017-Monday
-°C
New Delhi
  • Humidity
    -
  • Wind
    -

Fidelity reduces stake in Satyam Computer to 4.02 pc

business Updated: May 09, 2009 19:24 IST

Foreign fund house Fidelity has reduced its stake in beleaguered IT company Satyam Computer to 4.02 per cent after offloading shares worth Rs 55.80 crore, through an open market transaction.

Fidelity, through its various investment arms, offloaded 1.18 crore shares representing 1.76 per cent stake of Satyam Computer, the IT firm said in a disclosure on the Bombay Stock Exchange.

Prior to the transaction, the fund house held a 5.77 per cent stake, while now it holds 4.02 per cent stake, or 2.70 crore shares, in Satyam Computer.

Earlier this month, Tech Mahindra completed the process for acquiring 31 per cent in Satyam Computer. Tech Mahindra, through its subsidiary Venturbay Consultants, had been alloted 30.27 crore shares, or 31 per cent stake, in the firm.

Last month, Tech Mahindra had outbid others in the race to acquire a majority stake in the scam-tainted IT firm, following which Venturbay had deposited Rs 1,756 crore in the escrow account as the subscription amount for the initial shares.

At the end of the March quarter, Fidelity through its arms -- the Fidelity Diversified International Fund and the Fid Funds (Mauritius) Ltd -- held 8.71 per cent stake in the company.