Fidelity raises stake in Satyam to 8.89%

Fidelity raises stake in Satyam to 8.89%
PTI
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First Published: Thu, Feb 26 2009. 06 30 PM IST
Updated: Thu, Feb 26 2009. 06 30 PM IST
Mumbai: Foreign institutional investor Fidelity on Thursday increased its stake in distressed IT firm Satyam Computer Services to 8.89% by purchasing additional 30 lakh shares through open market purchase.
In a filing on the National Stock Exchange, Satyam Computer said Fidelity Management and Research LLC (FMR LLC) and its various arms have purchased 30 lakh shares representing 0.45% stake in the company.
Post acquisition, FMR LLC now holds 5.99 crore shares representing 8.89% stake in Satyam.
Meanwhile, Satyam’s government-appointed board met on Thursday to discuss various issues including the criteria for shortlisting strategic investors.
In a break-up of the holding of various Fidelity subsidiaries in Satyam, Fid Funds Mauritius has 3.89 crore shares (5.78%), while a further two crore shares are held by Fidelity Diversified International and 1,641 crore are held by FID Asia Ex-Japan Tech Pilot.
Last month, Fidelity had acquired 6.79% stake in the beleaguered IT firm representing over 4.57 crore shares of the company through open market transactions.
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First Published: Thu, Feb 26 2009. 06 30 PM IST