Shares of Satyam Computer today hit an intra-day high of Rs 212 on an announcement that the comapny will reduce its stake in Satyam Infoway (Sify) by the latter issuing fresh equity to Softbank Asia Infrastructure Fund (SAIF) and VentureTech Solutions Pvt Ltd (VentureTech).
However, profit taking at the end of the day trimmed gains in the stock and it ended in the red. The stock closed 0.79 per cent lower at Rs 206.30 on the BSE. It clocked a volume of 55.57 lakh shares on the BSE and 98.72 lakh shares on the NSE.
On Friday, after market hours, the company announced that it has resolved to enter into separate definitive agreements with SAIF, through a company controlled by it, and VentureTech to invest a total of $20 million in new shares of Sify. It is proposed that the SAIF-controlled company (SAIF Investor) will enter into an agreement to invest $13 million for approximately 7.56 million newly issued American depository receipts (ADRs) .
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Separately, it is proposed that VentureTech will enter into an agreement to invest $3.5 million for approximately 2.03 million equity shares at the same price. VentureTech has an obligation to subscribe for an additional $3.5 million of equity shares on or before April 30, 2003, at the same price.
Upon completion of the entire transaction, Sify