Fidelity hikes stake in Satyam, trying to sell IT arm

31 January 2009

Fidelity has hiked its stake in Satyam Computer Services to 6.8 per cent on Friday in bulk buying as reported by the stock exchanges.

Fidelity investment of the stake is estimated at about Rs250 crore. With this purchase, Fidelity is probably the second largest shareholder in the Satyam after L&T.

Fidelity had purchased 3.17 per cent stake earlier this week.

Satyam's filings showed 23 million shares held by Fidelity on 30 September 2008 which is the same number it showed in December filling numbers according to the stock exchanges

Larsen and Toubro holds 12 per cent stake in Satyam and has shown a keen interest in buy out of Satyam. L&T, which held 4 per cent stake earlier had hiked its stake to 12 per cent last week in a surprise move.

LIC holds around 4.34 per cent stake in Satyam.