Fidelity raises 10.17 pc stake in Satyam

Mumbai, Mar 2: Even as the Satyam Board is still in the process of finding a strategic investor, Fidelity Management and Research LLC (FMR LLC) has hiked its stake in the company to 10.17 per cent with the purchase of 18.27 lakh worth of shares.

Fidelity now holds 6.85 crore shares of Satyam Computers. This development was exposed through a regulatory filing at the Bombay Stock Exchange on Monday, Mar 2. It has resulted in strengthening the position of Fidelity as the second largest shareholder in Satyam, after Larsen and Toubro, which holds a 12 per cent stake in the company.

Corporate Affairs Minister Prem Chand Gupta, on March 1 had assured that the government-elected Satyam Board is in the process of finding a strategic partner through an international bidding process that would be completed within a few weeks.

ANI