Fidelity has increased its stake in Satyam Computer to 10.17 per cent through open market deals, even as the government-appointed board of the latter is still in the process of finding a strategic investor for the distressed IT firm.
Fidelity has hiked its stake to 10.17 per cent through a purchase of 18.27 lakh shares in Satyam, strengthening its position as the biggest shareholder in the IT firm after Larsen & Toubro, which holds a 12 per cent stake in the company.
In a filing to the Bombay Stock Exchange, Satyam Computer said Fidelity Management and Research LLC (FMR LLC) and its various arms have purchased over 18.27 lakh shares, representing a 0.27 per cent stake in the company, taking the latter's holding to 10.17 per cent.
Calculated on the basis of the closing price of February 26, the shares have been purchased for about Rs 82 crore.
Post-acquisition, FMR LLC now holds 6.85 crore shares, representing a 10.17 per cent stake, in Satyam.
Yesterday, Corporate Affairs Minister Prem Chand Gupta said that Satyam Computer's government-constituted board is working on a war footing to find a strategic investor through an international bidding process that would be completed within a few weeks.
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