Satyam dips in early trade on bourses

Satyam Computer Services traded in the negative territory in early deals on the Bombay Stock Exchange on Wednesday.

Satyam Computer Services traded in the negative territory in early deals on the Bombay Stock Exchange on Wednesday after its new owner Tech Mahindra said its open offer for an additional 20 per cent stake in the beleaguered firm will open on June 12.

Shares of Satyam Computer declined 1.02 per cent on the BSE and 1.32 per cent on the National Stock Exchange (NSE) from its previous closing price,even as the broader market was trading in the positive territory.

As there was nervous trading on the counter,Satyam stock witnessed a drop despite the market being in the positive terrain,marketmen said.

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The Hyderabad-based firm was later trading at Rs 48.75,down 0.41 per cent on the BSE and at Rs 48.70,down 0.71 per cent on the NSE. On the volume front,more than 24 lakh shares exchanged hands on both the bourses.

In a public announcement Tech Mahindra said that its Rs 1,154.66-crore open offer for a 20 per cent stake in Satyam Computer would begin on June 12 and close on July 1.

Tech Mahindra proposes to acquire 19.90 crore shares of Satyam representing 20 per cent of the fully diluted share capital of the company at a price of Rs 58 a share.

The stolen collection, valued at roughly €88 million ($102 million), included two crowns, two brooches, two necklaces (one of emeralds and one of sapphires), a pair of earrings, and a single earring (AP Photo)

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