Satyam convenes board meet to buy back sharesDecember 18th, 2008 - 6:27 pm ICT by IANS
Bangalore, Dec 18 (IANS) India’s fourth largest IT bellwether Satyam Computer Services plans to buy back shares, ostensibly to prevent a hostile takeover of the company amidst such rumours in the marketplace.In a notification to the Bombay Stock Exchange (BSE) Thursday, the Hyderabad-based software exporter said it had convened a board meeting Dec 29 to consider the proposal for buyback of shares.
Currently, Satyam’s promoters including founder-chairman B. Ramalinga Raju and family members hold 8.5 percent of the stake in the listed firm, while the public holds 71.8 percent and others 19.46 percent. Of the public holding, foreign institutional investors (FIIs) have 48.22 percent and Indian financial institutions 12.91 percent.
In a dramatic development Wednesday, the beleaguered IT firm called off plans to acquire real estate and infrastructure firms - Maytas Properties and Maytas Infra - for $1.6 billion (Rs.79.2 billion) after investors and analysts said it was an attempt to “bail out” the two cash-starved firms.
The two Maytas firms are run by Ramalinga Raju’s sons Rama Raju and Teja Raju.
In a related development, the company informed the BSE that its compensation committee allotted 16,348 equity shares to employees under the stock option.
“As a result, the paid-up share capital has gone up to 673,884,281 equity shares from 673,867,933 shares of Rs.2 each, aggregating Rs.1,347,768,562 from Rs.1,347,735,866,” the company said in a notification.
- Sale of Satyam promoters' stake by lenders feared - Dec 29, 2008
- Independent director Prasad to continue on Satyam board (Lead) - Dec 30, 2008
- Three more directors resign from Satyam board (Roundup) - Dec 29, 2008
- Satyam postpones board meeting to Jan 10 - Dec 28, 2008
- Satyam promoters' equity stake falls to 5.13 percent (Lead) - Jan 03, 2009
- Tech Mahindra, Mahindra Satyam to merge (Lead) - Mar 21, 2012
- Mahindra Satyam-Tech Mahindra merger put on hold - Feb 14, 2011
- Independent director Prasad to continue on Satyam board - Dec 30, 2008
- Maytas director C.S. Bansal quits - Jan 30, 2009
- Rajus pledged their holding to lenders, reveals Maytas - Feb 09, 2009
- Satyam scrip recovers on buyback plans (Lead) - Dec 18, 2008
- Mortgaged shares' sale reduces Satyam promoters' holding - Jan 06, 2009
- Government to remove two Maytas firms' directors (Lead) - Feb 18, 2009
- iGate proposes to de-list Patni Computer Systems - Nov 16, 2011
- Satyam bid for Maytas draws brickbats (Lead) - Dec 17, 2008