Two major investors in Satyam, Lazard Asset Management LLC and Swiss Finance, sold shares today in bulk deals on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
US-based Lazard said it sold 11.34 million shares on the BSE today at an average price of Rs 21.71 and 24.4 million shares on the NSE at Rs 21.74. Overall, the firm has sold 5.3 per cent out of the 7.34 per cent it held in Satyam.
Swiss Finance Corporation (Mauritius) offloaded 6 million shares on the NSE at an average price of Rs 21.36 a share and 4.9 million on the BSE at Rs 21.58.
The firm had earlier made a Rs 37 crore profit in two days by selling six million shares at Rs 85 levels on January 7 and buying them back at Rs 22 on January 9.
Many large institutional investors such as Aberdeen International, Satyam’s largest institutional investor, Fidelity and Morgan Stanley, sold large parts of their holdings in Satyam through bulk deals after Ramalinga Raju’s disclosure of fraud January 7.
Satyam other major shareholders are Life Insurance Corporation of India (LIC) and Larsen & Toubro with over 4 per cent each.
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