Satyam to discuss buy back of shares on Dec 29

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Bangalore, Dec 18: Buy back of shares has been planned by India's fourth largest IT biggie, Satyam Computer Services to prevent takeover of the company amidst such rumours in the marketplace. The Hyderabad-based software exporter said it had convened a board meeting on Dec 29 to consider the proposal for buyback of shares, as per the notification to the Bombay Stock Exchange (BSE) on Thursday, Dec 18.

Currently, Satyam's promoters including founder-chairman B Ramalinga Raju and family members hold 8.5 per cent of the stake in the listed firm, while the public holds 71.8 per cent and others 19.46 per cent. Of the public holding, foreign institutional investors (FIIs) have 48.22 per cent and Indian financial institutions 12.91 percent.

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