Indian Software Outsourcing Major Satyam Fights To Stay Viable

Satyam allots 10,511 equity shares under stock option plans

MUMBAI - IT firm Satyam Computers, on Tuesday said in a filing to the Bombay Stock Exchange that it has allotted 10,511 equity shares under its stock option plans.

The government appointed Satyam board gave its consent to the allotment of shares on March 13, the filing said.

The filing revealed that in accordance with the allotment, the paid-up share capital of the company stood at Rs 1,34,77,89,584.

Earlier, the share capital was Rs 1,34,77,68,562.

Shares of Satyam were trading at Rs 44.25, down 2.21 per cent, on the BSE.

The Satyam board on March 13 had met to discuss the expressions of interest (EoIs) submitted by bidders, which includes its shareholders Larsen and Toubro, Tech Mahindra and Spice Corp. The company had closed its registrations potential bidders as it began a process to sell 51 per cent stake.

On Monday, the company issued an expression of interest, according to which there was no floor price for the bidders.

Based on the submitted EoIs, eligible bidders were to be short-listed and given access to certain business, financial and legal diligence material of the company, provided they sign a non-disclosure and non-solicitation agreement with Satyam.

After SEBI approved the IT company to allot its 51 per cent shares, Satyam proceeded with the stake sale of 31 percent fresh equity shares and 20 percent open offer. (ANI)