Fidelity picks up 7.5 lakh Satyam shares

The US-based Fidelity Investments has purchased 7.5 lakh shares of Satyam Computer Services through its associate companies "" FMR Corp and Fidelity International.

The purchases, made on October 6 and 9, amounted to 0.24 per cent of the company's equity and post acquisition of the shares, Fidelity group's holding in Satyam increased to 5.06 per cent.

Foreign institutional investors (FIIs) currently hold 49.5 per cent stake in Satyam's equity while the maximum permissible limit is 60 per cent.

As of June 30, 2003, Templeton Foreign Fund was holding the bigger chunk among the FIIs in Satyam at 5.88 per cent (1.85 crore shares).

Templeton World Fund, another Templeton family fund had 3.27 per cent stake with 1.02 crore share holding.

Other major FIIs included Merrill Lynch (2.18 per cent), Copthall Mauritius Investments (1.99 per cent), ABN Amro (1.95 per cent) etc.

Last month Warburg Pincus, which is one of the major FII of the company has sold 84,00,000 shares, as a result of which its stake got reduced to 2.66 per cent .