Mumbai: IL&FS Trust Company has sold over 2.45 crore shares, representing 3.64% stake, of IT major Satyam Computer Services within a fortnight in open market transactions.
IL&FS Trust Company sold 2,45,20,500 Satyam shares in its capacity as trustee for debenture holders and lenders which include DSP Merrill Lynch, DSP Blackrock, Deutsche Bank, HDFC Mutual Fund and IL&FS Financial Services, Satyam said in a filing to the stock exchanges.
The pledged Satyam shares have been sold by IL&FS on specific written instructions of the said debenture holders and lenders, the filing added.
During the period from 23 December, 2008, to 5 January, 2009, the Trust Company sold 38.97 lakh Satyam shares held by DSP Merrill Lynch, 74.15 lakh shares held by DSP Blackrock and 47.06 lakh shares held by Deutsche Bank.
The company has also sold 50.02 lakh shares of Satyam held by HDFC Mutual Fund and 35 lakh shares held by IL&FS Financial Services, the filing added.
Last week, Satyam had said that the company Chairman Ramalinga Raju family’s holding in the company has dropped by over 3% to 5.13%, following share sale by lenders, with whom all the promoter equity has been pledged.
Raju’s family had held 8.27% through SRSR Holdings at the end of September quarter.