SICOM sells 4.8% stake in Maytas

Sicom Ltd, a financier of infrastructure projects sold a 4.8 per cent stake in Maytas Infra Ltd over the past two days, exchange data showed.

Maytas surged by its maximum daily limit of 5 per cent to Rs 107.35 in Mumbai trading today, extending a five-day, 21 per cent advance.

Maytas Infra, partly owned by the family and the founder of Satyam Computer Services Ltd, B Ramalinga Raju, at the centre of the country’s biggest corporate fraud inquiry, prompted the government to appoint four of its nominees to the company’s board in March.

Data showed that Sicom, which held a 5.27 per cent stake in Maytas according to a June filing, sold 2.8 million shares at prices ranging between Rs 98.15 to Rs 101.87 on Indian stock exchanges. The buyers were not immediately known.