Raju family stake in Satyam falls to 2.34 pc
Satyam Computer Services said the stake of promoters, Raju family, in the company has dropped to 2.34 per cent following the share sale by lenders, with whom all the promoter's equity has been pledged.business Updated: Jan 08, 2009 23:09 IST
Satyam Computer Services on Thurssday said the stake of promoters, Raju family, in the company has dropped to 2.34 per cent following the share sale by lenders, with whom all the promoter's equity has been pledged.
In a disclosure to the National Stock Exchange, Satyam said that SRSR Holdings' stake in Satyam has come down to 2.34 per cent from 3.60 per cent due to the sale of shares pledged by the promoters to lenders for raising funds.
The family of B Ramalinga Raju, who resigned as Satyam Chairman after a shocking disclosure of accounting fraud in the IT major, had held 8.27 per cent through SRSR Holdings at the end of September quarter.
The lenders have sold over 85.30 lakh Satyam shares, which were pledged by the promoters, in open market transactions. After the sale, SRSR Holdings now have 1.57 crore shares representing 2.34 per cent stake in Satyam, which includes over 1.23 crore pledged shares already transferred to lenders, the notification added.
In a week this is the second time that the lenders have sold their pledged shares. While the promoter holding last week was 5.13 per cent, the sale of shares pledged by the promoters to lenders has brought down the holding to 2.34 per cent.
The company last month had said that the promoters had pledged their entire equity holding of 8.61 per cent to the institutional investors which include ICICI Prudential, Aberdeen Asset Management and Fidelity. The institutional investors together hold 60 per cent stake in the IT major.