Institutional investor Fidelity has bought a 3.13 per cent stake in troubled Satyam Computer for over Rs 112.88 crore in open market transactions.
Fidelity has bought over 2.11 crore shares at Rs 112.88 crore, through bulk deals on the stock exchanges, of Satyam, which is being eyed by a number of suitors for a possible acquisition.
Satyam's government-appointed board has said that the company has been approached by a number of corporate entities and private equity players for a possible takeover of the entire company or parts of its businesses.
While the board has ruled out any part sale, the entities said to be interested in acquiring a majority stake in the entire company include Larsen and Toubro and B K Modi-led Spice group.
While its arm Fid Funds Mauritius Ltd has purchased 40.41 lakh shares through a bulk deal at BSE, a further 1.71 crore shares have been purchased by Fidelity through another two bulk deals at the NSE.
The BSE bulk-deal was executed at an average price of Rs 52.91 a piece, aggregating Rs 21.38 crore, on Wednesday.
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On the same day, shares at the NSE were purchased in two separate deals of 92.43 lakh shares and 78.86 lakh shares -- at average prices of Rs 54.47 and Rs 52.18 per share -- for a total amount of Rs 91.50 crore.
Fid Funds Mauritius is a registered FII sub-account of Fidelity Investment Management.
Shares of Satyam were on a gaining spree for eight consecutive trading sessions, from January 16 to January 28, when it more than doubled with a surge of 173 per cent. It, however, settled with a loss of 10 per cent yesterday at Rs 49.85 on the BSE.
Today, the shares were trading at Rs 52.80, up 5.92 per cent, in afternoon trade on the BSE.