[ I believe the price was $36 a share, though not mentioned
in the article - Nandu ]
timesofindia.com
Satyam completes sale of 1.6% Sify stake to GSIC
Business Times Bureau
HYDERABAD: Satyam Computer Services has completed the sale of its 1.6 per cent stake in Satyam Infoway to the Government of Singapore Investment Corporation Pte. The company in a statement on Monday announced having received the payment towards this transaction which was facilitated by Smith Barney, a Citigroup member.
The company had earlier sought and received approval from the FIPB after entering into an agreement with GSIC to sell 3.47 lakh equity shares of Sify, representing 1.6 per cent of its outstanding equity shares at the time of agreement. The pre-tax realisation from the sale of this nominal stake is $49.3 million. Satyam had invested around $5.9 million in Sify and consequent to this sale, it holds 54.7 per cent of stake in Sify, a wholly-owned subsidiary of Satyam Computers.
The sale agreement with GSIC allows it to sell its shares back to Satyam in the event Sify's shares are not listed on a recognised Indian stock exchange before September 30, 2001. "We are happy that a blue chip and long-term investor like GSIC will now be a important investor in Satyam Infoway. We greatly value their participation in Sify," B Ramalinga Raju, chairman said.
Meanwhile, Satyam Computers Services Ltd has been named a 2000 Web Business 50/50 award winner for its corporate intranet, SatyamWorld. The award, sponsored by the US-based CIO magazine, recognises the web initiative by organisations around the world and it is the first Indian company to be featured on this list. The company's website has been selected as a model of business excellence and an integral contributor to the development of Internet and Intranet sites, Jessica Lappen of CIO said.
The award is designed to honour the best 50 Internet and 50 intranet/extranet sites that meet the business objectives and functionality while continuing to deliver business value. "It is indeed a matter of great pride that our intranet has been recognised as being one of the best in the world by CIO," said S V L Narayan, head of corporate communications here on Saturday. |
