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Satyam board to discuss share buyback

The board of Satyam Computers will meet on December 29 to consider a share buyback after the company management decided to abort an acquisition of two infrastructure firms promoted by its chief’s sons.

business Updated: Dec 18, 2008 20:31 IST
HT Correspondent

The board of Satyam Computers will meet on December 29 to consider a share buyback after the company management decided to abort an acquisition of two infrastructure firms promoted by its chief’s sons. “A meeting of the board of directors of the company will be held on December 29, 2008, to consider the proposal for buyback of shares of the company," Satyam said in a regulatory filing to the Bombay Stock Exchange.

Satyam, which had decided to acquire Maytas Infra and Maytas Properties, promoted by the company chairman Ramalinga Raju’s sons, later called off the $1.6-billion acquisition on Wednesday after the company was criticised over corporate governance issues and management’s decision-taking abilities.

Satyam shares, which went up nearly 14 per cent after the buyback announcement, finally closed at Rs 169, up 7.2 per cent, compared to the previous close. On Wednesday, its shares fell over 30 per cent on the Bombay Stock Exchange.