Satyam promoters’ equity stake falls to 5.13 percentJanuary 2nd, 2009 - 10:03 pm ICT by IANS
Bangalore, Jan 2 (IANS) The 8.27 percent equity stake of the promoters in IT bellwether Satyam Computer Services has slumped to 5.13 percent after their shares, pledged with financial institutions through a family-owned holding firm, were sold in the market, the firm disclosed to the Bombay Stock Exchange (BSE) late Friday.In a letter to the BSE listing department, Satyam’s company secretary G. Jayaraman intimated that 2,11,48,503 shares of the promoters pledged with the lenders were sold in the market “for an undisclosed sum”.
“Of the 5,57,28,000 shares held by the promoters through SRSR Holdings Ltd, 2,11,48,503 shares were sold in the market by the lenders with which the shares were pledged,” Jayaraman said.
After the sale, the promoters hold 3,45,79,497 shares or 5.13 percent of the Hyderabad-based company’s total equity.
“Out of the post-sale shares, 2,19,65,178 shares remain transferred to lenders’ account under pledge invocation,” Jayaraman said in the letter, sent after the trading ended on the BSE.
The principal promoters include Satyam founder chairman B. Ramalinga Raju, executive director B. Rama Raju and his family members.
SRSR Holding is a family-owned investment firm floated by the Raju family to leverage shares it holds in Satyam and other firms. Other firms include the two realty firms - Maytas Properties and Maytas Infra, partly owned and run by Raju’s two sons - Rama Raju and Teja Raju.