Indian Software Outsourcing Major Satyam Fights To Stay Viable

March 20th, 2009 HYDERABAD - The Satyam board met on Friday to assess the proposals of the bidders for acquiring up to 51% stake in the embattled IT company, and discuss several other issues. The Government-appointed company board has received several expressions of interest, including those from engineering major Larsen and Toubro, B K Modi-led Spice Group, software firm Tech Mahindra and iGate, a company official said after the meeting.

January 1st, 2009 BANGALORE - The 8.27 percent equity stake of the promoters in IT bellwether Satyam Computer Services has slumped to 5.13 percent after their shares, pledged with financial institutions through a family-owned holding firm, were sold in the market, the firm disclosed to the Bombay Stock Exchange (BSE) late Friday. In a letter to the BSE listing department, Satyam's company secretary G.

January 5th, 2009 BANGALORE - The sale of mortgaged shares of Satyam promoters by Infrastructure Leasing and Financial Services (IL&FS) has further reduced their minority holding in the beleaguered IT bellwether, a company official said Tuesday. IL&FS has informed the stock exchanges late Monday that over 24,520,500 equity shares of the promoters (pledged with lenders) were sold in the secondary market between Dec 23 and Jan 5 on behalf of Bangar Agro Ltd, Amravati Greenfields Ltd, Narayandri Greenfields and Harangi Agro Farms Ltd.

January 6th, 2009 HYDERABAD - The New York Stock Exchange Wednesday halted trading in the stock of beleaguered Satyam Computer Services prior to the opening of the market at 9.30 a.m. US eastern time, the NYSE said in a statement.

January 5th, 2009 BANGALORE - Infrastructure Leasing and Financial Services (IL&FS) Ltd has sold over 24.5 million equity shares of besieged Satyam Computer Services that were pledged with debenture holders lenders, the leading non-banking financial firm said Tuesday. In a letter to the Indian stock exchanges late Monday, the leading firm said in all 24,520,500 equity shares of the Hyderabad-based IT bellwether were sold over a fortnight (between Dec 23 and Jan 5) in the secondary market on behalf of Bangar Agro Ltd, Amravati Greenfields Ltd, Narayandri Greenfields and Harangi Agro Farms Ltd.

January 1st, 2009 BANGALORE - The 8.27 percent minority stake of promoters in IT bellwether Satyam Computer Services Ltd slumped to 5.13 percent after their shares, pledged with financial institutions, were sold in the market, the listed firm disclosed to the Bombay Stock Exchange (BSE) late Friday. In a letter to the BSE, Satyam company secretary G.

March 12th, 2009 MUMBAI - Satyam Computer Services has begun the procedure of selecting an investor by inviting expressions of interest from bidders. SEBI has recently authorized Satyam to sell up to 51 percent stake.

December 29th, 2008 BANGALORE - T.R. Prasad, an independent director on the board of Satyam Computer Services, Tuesday declared he would continue in the non-executive post despite four other directors quitting in succession.

March 6th, 2009 MUMBAI - Hyderabad-based Satyam Computer Services has secured the nod from the India's markets regulator to sell 51-percent majority stake by way of a global auction to put the software bellwether, hit by a $1.43-bilion fraud, back on rails. The Securities and Exchange Board of India (SEB) gave its permission to Satyam to facilitate a global competitive bidding process so as to sell the majority stake to an investor, the company said in a regulatory filing Friday.

December 27th, 2008 BANGALORE - Beleaguered Satyam Computer Services postponed its board meeting, convened Monday (Dec 29) to discuss a proposal for buy-back of shares by promoters, to Jan 10, the IT bellwether said Sunday. 'The next meeting of board of directors has been rescheduled to January 10, 2009, in order to allow the board members to consider additional options,' the Hyderabad-based company said in a statement.

January 7th, 2009 MUMBAI - Scam-tainted Satyam Computer has been de-listed by the Bombay Stock Exchange (BSE) with effect from Jan 12, the BSE said in a statement Thursday. The scrip closed at Rs.39.95 Wednesday after a 77.69 percent freefall after the company's founder-chairman B.

February 20th, 2009 MUMBAI - Infrastructure and construction major Larsen and Toubro (L&T) Friday said it was studying the go-ahead given to scam-hit Satyam Computer Services to rope in a strategic investor with a combination of fresh equity and an open offer to shareholders. L&T is now the largest shareholder in Satyam.

January 7th, 2009 MUMBAI - Scam-tainted Satyam Computer has been de-listed by the Bombay Stock Exchange (BSE) with effect from Jan 12, the BSE said in a statement Thursday. It has been replaced by Sun Pharmaceutical Industries on the BSE's benchmark index, the Sensex, while GlaxoSmithkline Pharmaceutical nudged it out on the BSE-100 index.

January 4th, 2009 MUMBAI - The pounding of Satyam Computers scrip continued Monday with the stock losing 6 percent in the day's trade amid concerns that the recent Maytas deal fiasco could hit the company's new business prospects. At closing bell, the scrip price had crashed Rs.10.65 or 6 percent to end the day's trade at Rs.166.90 with over 11 million shares changing hands.

March 13th, 2009 NEW YORK - Nasdaq listed IT and outsourcing solutions major iGATE Friday announced its interest in acquiring a 51-percent stake in scam-hit Indian firm Satyam Computer Services by registering for a global auction. This brings up to four the number of firms interested in buying a majority stake in Satyam, whose founder Ramalinga Raju confessed to a Rs.74 billion ($1.5 billion) fraud in January.