Satyam sees bulk deals ahead of delisting
Ahead of the last trading session on July 4, shares of Satyam Computer Services on Tuesday saw large transactions worth crores of rupees in the open...
Ahead of the last trading session on July 4, shares of Satyam Computer Services on Tuesday saw large transactions worth crores of rupees in the open market. Satyam Computer Services, re-christened as Mahindra Satyam after takeover by Mahindra Group in 2009, has been merged with Tech Mahindra. Shares of the company would stop trading on the bourses from July 4. Even though it was renamed as Mahindra Satyam, the firm continued to be listed on bourses as Satyam Computer Services. As per the bulk deal information with the stock exchanges, Vanguard International Explorer Fund sold 75.13 lakh shares of Satyam Computer Services for Rs 86.14 crore. In an another bulk deal, the entity acquired little over two lakh shares of Satyam Computer Services for Rs 2.32 crore. Separately, Emerging Markets Sudan Free Equity Index Fund offloaded 86.24 lakh shares of Satyam Computer Services. The transaction amounted to Rs 98.47 crore. The average price of the shares was around Rs 114 apiece. On June 25, Tech Mahindra had announced completion of Mahindra Satyam's (erstwhile Satyam Computer Services) merger with itself to create nation's fifth largest software services company with a turnover of USD 2.7 billion. The merged entity will be called Tech Mahindra, aiming to almost double the turnover to $5 billion by 2015 with focus on telecom, manufacturing and BFSI, among others. Anand Mahindra will be the chairman of the combined entity.