The promoter holding in Satyam Computer Services today fell to 3.6 per cent after institutional lenders sold 24.52 million shares, the company said in a stock exchange filing.
India's IL&FS Trust said it sold the shares that were pledged with it as trustee on behalf of several debenture holders and lenders. The founders had pledged their shares to institutional lenders who have been exercising options to cover margin calls. The Satyam scrip closed at Rs 179.10, up 7.31 per cent on the Bombay Stock Exchange today.
Satyam Chairman Ramalinga Raju had 55.7 million shares (amounting to 8.27 per cent stake) through SRSR Holdings -- promoter company of Raju -- at the end of the September quarter. However, this came down as lenders sold 21 million shares in open market transactions in December. After the sale, SRSR held 34.5 million shares -- representing 5.13 per cent stake in Satyam, which included over 21.9 million pledged shares already transferred to lenders.
Since SRSR has pledged the entire holdings over a period of time since September 2006, the promoter holding may come fall below 3.6 per cent if more institutional lenders exercise their option of selling the pledged shares.
The institutional investors, include ICICI Prudential, Aberdeen Asset Management and Fidelity. Together, they hold 60 per cent stake in the IT major.
The promoters of Satyam used to own as much as 25.6 per cent of the equity in the company till a few years ago before reducing their stake in phases. A look at the shareholding pattern of the company over the years reveals that the promoters held 25.60 per cent equity in March 2001, but reduced it every year thereafter. By March 2002, the stake got reduced to 22.26 per cent and further to 20.74 per cent in March 2003.
The promoters held 17.35 per cent stake in March 2004, which went down to 15.67 per cent in March 2005 and 14.02 per cent in March 2006. The biggest reduction came in March 2007, when the stake went down to single digits at 8.79 per cent.
Meanwhile, Satyam will hold its board meeting on January 10 to consider options to improve shareholder value and corporate governance, leading to speculation of a possible stake sale or takeover bid.
