Satyam promoters’ stake down to 3.6%

Troubled Satyam Computer Services Ltd moved a notch closer to an expected boardroom overhaul with news that shares totalling 3.6 per cent stakes in the company had been sold in the market over the past two weeks.

Troubled Satyam Computer Services Ltd, in the midst of speculation over management changes after an aborted, controversial real estate deal involving its founding family using its cash chest, moved a notch closer to an expected boardroom overhaul on Tuesday with news that shares totalling 3.6 per cent stakes in the company had been sold in the market over the past two weeks.

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These shares totalling about 2.45 crore were held on behalf of debenture holders and lenders such as DSP Merrill Lynch, DSP Blackrock, Deutsche Bank, HDFC Mutual Fund and IL&FS Financial Services. The shares were sold since December 23 by IL&FS Trust Company, IL&FS said in an announcement to the stock exchanges.

The founders now hold only 3.6 per cent in the company after the sale of pledged shares.

Satyam’s shares rose by 7.3 per cent to Rs 179.10 on Tuesday.

Satyam’s board is scheduled to meet on Saturday amid charges of poor corporate governance by its board led by founder and chairman Ramalinga Raju.

Maytas is a group company controlled by the Raju family, which was sought to be acquired using $1.6 billion in cash from Satyam.