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Strategies & Market Trends : India Coffee House

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To: Mohan Marette who wrote (5546)	8/10/1999 4:40:00 PM
From: Mohan Marette	Read Replies (1) of 12475

Satyam's attempt to raise capital from abroad fails,'bad timing' cited. Satyam not to tread FDI route now Our Mumbai Bureau (ET Online) 10 AUGUST SATYAM Computer Services Ltd has said it will not raise funds through the foreign direct investment route now. A press note from the company has said the decision follows investor interaction and the timing of its fund raising plans. Over the past week, fund managers in the United States have been shying away from technology stocks and this may have sealed Satyam's fate, analysts told The Economic Times. A company spokesperson only said: "Some investors recommended that this may not be the right time." The deal was being facilitated by investment banker Jardine Fleming. The Hyderabad-headquartered Satyam had hoped to raise at least Rs 260 crore through the private placement route to retire debt. On the bourses, the Satyam scrip went in for a free fall. From a opening price of Rs 1,861, the scrip fell to Rs 1,721 gaining some ground to close at Rs 1,732. Dalal Street was abuzz with rumours that Satyam had decided to call of its proposed American Depository Receipt (ADR) issue.The spokesperson said: "There is absolutely no basis to say that. The ADR has been planned for the first quarter of the next financial year and we have not even applied for regulatory clearances as yet." Satyam declared revenues of Rs 378 crore last year with net profits of Rs 72.8 crore. economictimes.com

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