Fidelity Raises Stakes In Satyam To 6.8%

Friday January 30, 02:50 PM

Fidelity Raises Stakes In Satyam To 6.8%

MUMBAI (Reuters) - Fraud-hit Satyam Computer Services said on Friday asset manager Fidelity Investments had raised its holding to 6.79 percent in the Indian outsourcer, which would potentially make it the second largest stakeholder.

Fidelity, which held 3.17 percent, bought 3.62 percent on Wednesday, Satyam said in filing to the stock exchange.

Engineering conglomerate Larsen & Toubro, which trebled its holding in Satyam last week to 12 percent, is the largest stakeholder, exchange data showed.

Satyam has been struggling for survival after its founder quit as chairman this month disclosing profits were falsified for years.

Stock exchange data late on Wednesday showed two Fidelity funds had bought a 2.5 percent stake in Satyam in block deals for $18.7 million.