Hyderabad/New Delhi, Dec. 16: Satyam Computer Services Ltd gave its investors a nasty jolt on Tuesday, acquiring Maytas Properties for $1.3 billion (Rs 6,228 crore) and taking a 51 per cent stake in Maytas Infra for $0.3 billion (Rs 1,437 crore). The deal means that Satyam’s 2.1-lakh shareholders will not get a slice of the Rs 8,392-crore reserves that the company held on September 31.
There were questions ab-out Satyam, India’s fourth largest tech firm, picking up infrastructure firms instead of tech firms. If it had to be infra firms, why Maytas, investors asked. Moreover, Satyam had grossly over-valued Maytas Infra. Analysts called the deal “unethical”. Both firms are promoted by the Satyam Computers’ promoters and headed by Satyam Computers chairman Ramalinga Raju’s son Teja Raju.
Maytas Properties is an unlisted company owned by Mr Ramalinga Raju’s family, his relatives and friends. The promoters have a 36 per cent share in Maytas Infra, which was listed last year. The Rajus and their associates stand to make nearly $1.48 billion (Rs 7,665 crore) from Tuesday’s deal. In the first market reaction, Satyam’s American Depository Receipts shed more than 50 per cent in New York. It was trading at $5.43 on the NYSE. More... Source: Deccan
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