One of Satyam Computer Services' remaining major shareholders, Lazard Asset Management, has dumped shares of the company. It has sold off about 5.3% out of the 7.34% it held in Satyam. Another shareholder, Swiss Finance Corp (an arm of USB), has also completely sold shares in fraud-hit IT major. Lazard sold more than 11 million shares on the Bombay Stock Exchange for Rs 21.71 and 24.4 million shares on the National Stock Exchange at Rs 21.74.
After Lazard diluting its stake, Life Insurance Corporation (LIC) and Larsen & Tubro (L&T) remain the biggest shareholder in Satyam. While LIC has close to 6%, L&T has about a 4% stake. The government yesterday appointed three more directors on the board of Satyam, which included LIC nomineee S Balkrishna Mainak. Other new board members are chief mentor of CII Tarun Das and former ICAI president T N Manoharan. Lazard was reported to have demanded a board on Satyam, but has not received any confirmation from the government.
Swiss Finance Corp also sold off 6 million shares on the NSE at an average price of Rs 21.36 a share and 4.9 million on the BSE at Rs 21.58. Other major institutional investors like Aberdeen International, Fidelity and Morgan Stanley have already sold off their shares in Satyam.