TRW unit to buy 5 pc of Satyam

BANGALORE, AUG 15: Indian software services firm Satyam Computer Services Ltd said on Tuesday a subsidiary of US firm TRW Inc is taking a ...

BANGALORE, AUG 15: Indian software services firm Satyam Computer Services Ltd said on Tuesday a subsidiary of US firm TRW Inc is taking a five per cent stake in the company.

The subsidiary, ESL Incorporated, will subscribe to about 62,402 warrants to be issued by Satyam which will be converted into shares later. The issue of the proposed warrants will offer ESL the right to acquire (Satyam) shares at a price of Rs 3,580 per share as per SEBI (Securities and Exchange Board of India) guidelines.

Satyam announced in June the signing of a joint venture agreement with TRW to focus largely on the global automotive sector where TRW is a leading player.

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Satyam had said it would own a 76 per cent majority equity interest in the venture’s paid-up capital of $1 million while TRW will own the remaining 24 per cent. TRW Inc, headquartered in Cleveland, Ohio, is a $17-billion company that provides advanced technology products and services to the automotive, aerospace, and information systems markets worldwide.

At the Bombay Stock Exchange, where its shares have begun to trade after a five-for-one stock split, Satyam’s shares ended Monday nearly three per cent or Rs 13.70 higher at Rs 483.85 in a volume of over six million shares. The main Bombay index, of which Satyam is a constituent, finished Monday up 0.97 per cent at 4,232.51 points.

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