Billionaire Ross invests in Satyam after losing bid

Billionaire investor W L Ross, despite losing to Tech Mahindra in acquiring Satyam, is still interested in the firm.

W L Ross & Co has acquired 1.8 million American Depository Receipts (ADRs) of Satyam (Mahindra Satyam) from NYSE Euronext for $4.6 million (over Rs 20 crore) at an average price of $2.5 per share, the parent firm of W L Ross, Invesco, said in a Securities and Exchange Commissions (SEC) filing.

This has made it the second largest stakeholder in Satyam Computer Services’ (now Mahindra Satyam) US securities, representing 1.4 per cent of the total ADRs. Citibank NY ADR Department has 6.68 per cent of ADRs.

Of the overall percentage of Mahindra Satyam’s 97.67 crore shares, Ross’ stake would be a mere 0.33 per cent.

Ross was one of the contenders for acquiring a controlling stake in Satyam. But the company put a bid of Rs 20 per share for Satyam, which was pipped by Tech Mahindra’s bid of Rs 58 per share.