FI investors mulling legal action, buyout options

New Delhi: Financial institutions owning close to 60 per cent equity in Satyam are collectively exploring all available options, including legal action. India’s largest private sector life insurer, ICICI Prudential, which holds a 2.5 per cent stake in Satyam Computer, said it is in talks with other institutional investors. “We are evaluating all possible options to maximise the value for our stakeholders,” a senior official of ICICI Prudential Life Insurance said. Meanwhile, as many as four institutional investors — Aberdeen International, Fidelity, Morgan Stanley and Swiss Finance — sold Satyam shares worth over Rs 300 crore in open market transactions. Aberdeen International sold a total of over 3.61 crore Satyam shares for an aggregate of nearly Rs 154 crore while Swiss Finance exited from Satyam after selling over 1.37 crore shares for an aggregate of Rs 109.15 crore.

Tech Mahindra may evaluate Satyam’s telecom business

New Delhi: Software company Tech Mahindra said it may evaluate the telecom business of the Satyam Computer Services for acquisition. “We are not interested in the whole company. We may be interested in its telecom business which forms a very small part of Satyam's entire portfolio if customers want us to,” the company spokesperson said. He said the interest areas for Tech Mahindra could be taking over the telecom contracts and the employees associated with the vertical. Asked if the company has appointed any merchant banker for the evaluation process, the spokesperson said the company has not hired any external banker.

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