Fidelity reduces stake in Satyam Computer to 6.47 pc

Foreign fund house Fidelity has offloaded 12 crore shares of the beleaguered IT firm Satyam Computer through open market transactions. In a disclosure on the National Stock Exchange, Satyam said Fidelity through its direct and indirect arms sold 12 crore shares representing 1.78 per cent stake of the company. Post sale, foreign fund Fidelity now holds 6.47 per cent stake in the company that is over 4.35 crore shares of Satyam Computer. The transaction was worth Rs 54.24 crore as calculated on the basis of Satyam's closing market price on April 6 (the date of sale). At the end of March quarter, Fidelity through its arms -- the Fidelity Diversified International Fund and the Fid Funds (Mauritius) Ltd -- held 8.71 per cent stake in the company. Yesterday, IT firm Tech Mahindra has said its Rs 1,154.66- crore open offer for an additional 20 per cent stake at Rs 58 a share in Satyam Computer would begin on June 12 and close on July 1, 2009. Tech Mahindra has proposed to the additional 20 per cent in Satyam at Rs 58 per share. Tech Mahindra is set to acquire 31 per cent stake in Satyam Computer Services at a price of Rs 58 a share. Pursuant to successful completion of the open offer, Tech Mahindra's holding in Satyam would go up to 51 per cent. Last week, Tech Mahindra had outbid others in the race to acquire a controlling stake in tainted Satyam.