IT major Satyam Computer Services on Tuesday said the stake of promoters, B Ramalinga Raju and his family, in the company has dropped by nearly two per cent to 3.60 per cent following the share sale by lenders, with whom all the promoter's equity has been pledged.
In a disclosure to the Bombay Stock Exchange, Satyam said that SRSR Holdings' stake in Satyam has come down to 3.60 per cent from 5.13 per cent due to the sale of shares pledged by the promoters to lenders for raising funds.
Satyam Chairman Ramalinga Raju's family had held 8.27 per cent through SRSR Holdings at the end of September quarter.
The lenders have sold over 1.02 crore Satyam shares, which were pledged by the promoters, in open market transactions. After the sale, SRSR Holdings now have 2.42 crore shares representing 3.60 per cent stake in Satyam, which includes over 1.16 crore pledged shares already transferred to lenders, the filing added.
Last week the company had said that SRSR Holdings' stake in Satyam has come down to 5.13 per cent due to the sale of shares pledged by the promoters to lenders for raising funds. On last Friday institutional investors had sold 3.14 per cent stake in the company.
The company last month had said that the promoters had pledged their entire equity holding of 8.61 per cent to the institutional investors that include ICICI Prudential, Aberdeen Asset Management and Fidelity. The institutional investors together hold 60 per cent stake in the IT major.
In a separate disclosure to the stock exchanges, the IT major on Tuesday said IL&FS Trust Company has sold over 2.45 crore shares, representing 3.64 per cent stake in Satyam, which were pledged with it, 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, including DSP Merrill Lynch, DSP Blackrock, Deutsche Bank, HDFC Mutual Fund and IL&FS Financial Services, the filing said.
The pledged Satyam shares have been sold by IL&FS in its capacity as Trustee, on specific written instructions of the said debenture holders and lenders, it added.
From December 23, 2008 to January 5, 2009, the Trust Company sold off 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 the company held by HDFC Mutual Fund and 35 lakh shares held by IL&FS Financial Services, the filing added.
Shares of Satyam closed at Rs 179.10, up 7.31 per cent on the BSE.