MUMBAI, Jan 29 (Reuters) - Asset manager Fidelity Investments bought a 2.5 percent stake in fraud-scarred Satyam Computer Services for 915 million rupees ($18.7 million) through two block deals on Wednesday, stock exchange data showed.
Two funds managed by Fidelity bought a total of 17.13 million shares at a weighted average price of 53.4 rupees, data from the National Stock Exchange showed.
Satyam shares ended 10.1 percent lower at 49.85 rupees on Thursday. The company is struggling for survival after its founder quit as chairman this month disclosing profits were falsified for years.
Fidelity owned 3.41 percent of Satyam as at December, according to stock exchange filings. Many fund managers sold their stake in Satyam after the fraud was revealed.
($1=48.9 rupees)
(Reporting by Narayanan Somasundaram; Editing by Anshuman Daga) Keywords: SATYAM/FIDELITY (narayanan.somasundaram@thomsonreuters.com; 91 22 6636 9068; Reuters Messaging narayanan.somasundaram.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Two funds managed by Fidelity bought a total of 17.13 million shares at a weighted average price of 53.4 rupees, data from the National Stock Exchange showed.
Satyam shares ended 10.1 percent lower at 49.85 rupees on Thursday. The company is struggling for survival after its founder quit as chairman this month disclosing profits were falsified for years.
Fidelity owned 3.41 percent of Satyam as at December, according to stock exchange filings. Many fund managers sold their stake in Satyam after the fraud was revealed.
($1=48.9 rupees)
(Reporting by Narayanan Somasundaram; Editing by Anshuman Daga) Keywords: SATYAM/FIDELITY (narayanan.somasundaram@thomsonreuters.com; 91 22 6636 9068; Reuters Messaging narayanan.somasundaram.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2009 AFX News
