The Telegraph
Since 1st March, 1999
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Satyam sells 3% more in Sify

Mumbai, Oct. 6: Satyam Computer Services Ltd, the country’s fourth largest infotech company, today said it had sold a 3 per cent stake in its loss-making internet subsidiary Satyam Infoway (Sify) through a sponsored American depository shares (ADS) issue.

Satyam received $4.34 million (around Rs 20 crore) from the stake sale. The sale has brought down Satyam’s stake in the Nasdaq-listed Sify to 32 per cent, an official spokesman said.

Satyam has been looking to sell all or part of its stake for the past one year. In October 2002, it brought down its stake in Sify to 35 per cent from 52.5 per cent by roping in two new investors, SAIF and Venture Tech.

The sale had little impact on the stock price with Satyam shares closing on the Bombay Stock Exchange almost flat at Rs 257.95 after touching an intra-day high of Rs 263.80.

For the quarter ended June 30 this year, Satyam had posted a 20 per cent increase in total income touching Rs 570.34 crore as against Rs 471.48 crore in the corresponding period last year.

The net profit of the company stood at Rs 121.49 crore during the quarter, up by 12 per cent compared with Rs 108.44 crore during the corresponding period last year.

Income from software exports touched Rs 545.92 crore as against Rs 458.93 crore in the corresponding period last year.

The infotech firm had revised annual revenue guidance upwards from 15-17 per cent to 18-20 per cent in dollar terms while retaining the EPS (earning per share) at the same level of Rs 15.65 to Rs 16.

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