why?? on what basis??
I read it in another article, also posted on this thread.
And I was mistaken, the price is mentioned in the recent article too, albeit indirectly.
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.
$49.3 million divided by 3.47 lakh shares gives you $142 per share and since one share is equivalent to four ADRs, that gives you $35.5 per ADR, close enough to $36 for journalistic work.
Also close enough is calling SIFY a "wholly-owned subsidiary", when Satyam only owns 54.7% of it.
Oh, and it is no longer 54.7%, I think because, Rajesh Jain of Indiaworld got some SIFY shares (valued around $22 per ADR) to complete SIFY's Indiaworld acquisition.
For these and other SIFY news, go to SIFY's own website, walletwatch and look under Satyam Computer Services Ltd. news.
walletwatch.com |
