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Technology Stocks : Satyam Infoway Ltd-(Nasdaq:SIFY)

SIFY 10.85

-6.9%

3:34 PM EST

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To: Mohan Marette who wrote (1293)	3/21/2000 9:00:00 AM
From: Mohan Marette	Read Replies (1) of 1471

Satyam to divest small stake in subsidiary-V. Srinivas BOMBAY, March 21 (Reuters) - India's Satyam Computer Services is planning to divest a two to three percent stake in its Internet subsidiary Satyam Infoway Ltd (NasdaqNM:SIFY - news) and use the funds to retire its debt, a senior company official said on Tuesday. ``We are going ahead with our corporate plan framed a couple of months back to divest a minor 2-3 pct stake in Satyam Infoway to some strategic investors,' V. Srinivas, vice-president, finance of Satyam Computer Services told Reuters by telephone from the firm's headquarters in the southern city of Hyderabad. Market rumours of Satyam selling a portion of its stake in Satyam Infoway have been one of the factors that has pushed up Satyam Computer's share price. The stock has risen more than five times over the last 12 months. It is however down about 33 percent from its all-time high hit on March 7, 2000. Satyam shares closed at 4,838 rupees at the Bombay Stock Exchange on Tuesday. Satyam Computer has a 59 percent stake in the Nasdaq-listed Satyam Infoway, India's largest private Internet services provider. ``We are not talking about a big stake to be sold in Satyam Infoway,' Srinivas said. He said the company would be finalising the sale of its stake in the Internet firm in a few weeks. Satyam Computer will use the funds it receives to retire its debt. ``This is as per our corporate strategy. We have not finalised any time frame, but we are working on it.' Srinivas said. He said Satyam Computer had debts worth about 3.3 billion rupees. The board of directors of Satyam Computer Services on Tuesday set a stock split ratio of five-for-one.

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