MNYL to increase its stake in Satyam

Written by: Super Admin
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Mumbai, Feb 23: In the midst of Satyam Computers' board deciding on its strategic partner, Max New York Life Insurance Company Ltd (MNYL) is evaluating whether to increase its stake in the fraud-hit Satyam after a strategic investor enters Satyam.

"If things change, we will evaluate our exposure in the company," MNYL chief executive officer and managing director, Rajesh Sud, said on Monday, Feb 23.

MNYL had sold most of its holding in Satyam immediately after the IT major made an aborted bid to acquire Maytas Infra and Maytas Properties for $1.6 billion on Dec 16, 2008. MNYL still holds 6,000 equity shares of Satyam.

MNYL chairman Analjit Singh said New York Life would increase its stake in the company from the current 26 per cent to 49 per cent once Parliament passed the Bill on Foreign Direct Investment (FDI).

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