10 May 2009, PTI
MUMBAI: Foreign fund house Fidelity has reduced its stake in beleaguered IT company Satyam Computer to 4.02% after offloading shares worth Rs 55.80 crore, through an open market transaction.
Fidelity, through its various investment arms, offloaded 1.18 crore shares representing 1.76% stake of Satyam Computer, the IT firm said in a disclosure on the Bombay Stock Exchange.
Prior to the transaction, the fund house held a 5.77% stake, while now it holds 4.02% stake, or 2.70 crore shares, in Satyam Computer. Earlier this month, Tech Mahindra completed the process for acquiring 31% in Satyam Computer.
Tech Mahindra, through its subsidiary Venturbay Consultants, had been alloted 30.27 crore shares, or 31% stake, in the firm. Last month, Tech Mahindra had outbid others in the race to acquire a majority stake in the scam-tainted IT firm, following which Venturbay had deposited Rs 1,756 crore in the escrow account as the subscription amount for the initial shares.
At the end of the March quarter, Fidelity through its arms — the Fidelity Diversified International Fund and the Fid Funds (Mauritius) Ltd — held 8.71 per cent stake in the company.
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what is the price target for this stock now....it has become stand still at 45 rs. since last week.
ReplyDeleteshall one hold / sell out the stock?